What's Motivating Moves During the Pandemic

July 14, 2020

Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight, a company that provides software and services to the real estate industry, a company that provides software and services to the real estate industry. The survey was conducted in a series of seven separate polls from April to the end of June.

The top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).

motivations for moving chart. Visit source link at the end of this article for more information.

© HomeLight

The home office is also taking front and center as a prime home feature attracting buyers, agents reported in HomeLight’s Q2 2020 Top Agent Insights report. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.

“Prior to the pandemic, many viewed their homes as landing pads, a place to change clothes and rest before they were off on the next trip, the next social outing, the next go-go-go adventure,” the report notes. “Quarantine provided a chance, for better or worse, to experience our homes full time and with new purpose.”

what movers are looking for chart. Visit source link at the end of this article for more information.

© HomeLight

For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).

home projects chart. Visit source link at the end of this article for more information.

© HomeLight

Source: 
Top Agent Insights Q2 2020 Report,” HomeLight (2020)