Many were surprised when during the height of the pandemic, the housing market remained strong. In fact, it’s credited with getting the country’s economic engine moving again.
You also may remember that many so called experts, well-meaning observers, and not so well-intentioned TV talking heads were predicting disaster. But, the people who were truly familiar with the housing market were urging calm and saying that things would be fine.
Just like now.
“Those who know” are once again looking at the current economic situation and raising doubt about today’s shifting market and questioning what it means for consumers.
While mortgage rates are higher than they were at the start of the year and home prices are rising, you shouldn’t put your plans on hold based solely on market factors. Instead, it’s necessary to consider why you want to move and how important those reasons are to you. Here are two of the biggest personal motivators driving people to buy homes today.
A Need for More Space
Moving.com looked at migration patterns to determine why people moved to specific areas. One trend that emerged was the need for additional space, both indoors and outdoors. (Something that Cape Cod can certainly provide.)
Outgrowing your home isn’t new. If you need office space, crave a large yard, more room to entertain, or just need additional storage areas or bedrooms overall, having the physical space you need for your desired lifestyle may be reason enough to make a change.
A Desire To Be Closer to Loved Ones
Moving and storage company United Van Lines surveys customers each year to get a better sense of why they move. Their latest survey finds that nearly 32% did so to be closer to loved ones.
A similar company, Pods, also highlights this as a top motivator for why people move. They note that an increase in flexible work options has helped many homeowners make a move closer to the people they care about most.
According to Pods: “a shifting of priorities has also affected why people are moving. Many companies have moved to permanent remote working policies, giving employees the option to move freely around the country, and people are taking advantage of the perk.”
If you can move to another location because of remote work, retirement, or any other reason, you could leverage that flexibility to be closer to the most important people in your life. Being nearby for caregiving and or just seeing those who are important to you on a regular basis could be exactly what you’re looking for.
What Does This Mean for You?
As a seller, especially if you need to downsize, there is a strong demand for your property. Open Houses for typical three bedroom, two bath “family” homes continue to be popular and often result in multiple offers.
If you’re a buyer, sitting on the fence waiting for prices to go down or the market to crash is no more than wishful thinking that is costing you money. Reputable experts — not the alleged ones posting on Facebook — say that prices will moderate, but not drop.
Selling and buying a home is a very personal decision. (We just did both.) But, if there’s one universal lesson from the pandemic it is that life does indeed go on. In the face of genuine tragedy and not insignificant logistical challenges, people nonetheless decided to make their move, whether for work, finances, or personal situations.
Is this your time? Let’s connect at 508-360-5664 or email@example.com to review your options. We’ll provide you with the most up-to-date market data, as well as share our own experience as recent sellers and buyers.
We hope that you continue to be safe during the heatwave. Please pay special attention to those kids (and adults) who may not be familiar with the water, but will jump in stay cool. Thanks.
Mari and Hank