Real estate sales are heating up as buyers’ needs and wants are being forced to adapt to ever changing lifestyles during a time of uncertainty in the nation. Family’s needs have shifted as they place more importance on homes, and there are four priorities that stand out now more than ever.
All this time families are spending at their homes has brought a new sense of awareness that their current home may not be large enough for all the purposes it’s being asked to serve right now and in the future. Remote work situations have given them the advantage of migrating somewhere they have always wanted to live based on their desires versus proximity to their workplace.
Baby boomers have longed to retire to warmer climates and the current situation is encouraging them to move away from big cities with space restrictions. Studies have been showing shown that more than 1.12 million 23–30-year-olds moved “back home” since February 2020 increasing the need for more space. Additionally, with millennials being the largest growing population in the country and their families expanding larger houses are needed to accommodate kids.
With shared amenity centers being less accessible or a safety concern, homeowners are finding home gyms are essential to house bulky fitness gear like Pelotons, elliptical machines, treadmills, and heavy weights. Balconies, large roof decks, sundecks are not just nice to haves in condominium facilities but priorities as a place to spread out and get some fresh air. Couples are finding they can bring the vacation experience home by expanding their living space to the backyard by building their own tropical resort style oasis with summer kitchens, hot tubs, and more.
Your home is one of the biggest investments you will most likely make in your lifetime. On the top of list of priorities feeling safe in your neighborhood is going to be one of the biggest requirements. Buyers will want to make sure that security has been taken into consideration in the neighborhood they choose and that crime rates are low.
This is an incredible opportunity for gated communities and country clubs as their communities are highly attractive for those seeking refuge in the comforts of a calm and safe environment where neighbors are part of their everyday social lives. Industry experts have recently re-imagined suburban country club models with shared amenities for future generations as some homebuyers were losing interest. But as a result of social distancing measures the suburban club model has become all the more appealing to buyers. It offers them everything at their fingertips without having to leave the comfort of their neighborhood, from an active lifestyle to dining. Additionally, private community residents have the peace of mind of being well taken care of with private gates and manned secure entrances.
There are so many variables to consider when purchasing a home and the cost of living factor is definitely top of mind when making home buying decisions. There are several tax advantages to home ownership which makes buying a home more popular than renting. Mortgage interest and property tax deductions can result in significant refunds to buyers. Income taxes range drastically from state-to-state and property taxes range from city-to-city. With the growing trend of working from home, buyers are not only looking for where they can better their lifestyle, but also where they can spend or save their money. With high taxes in places like New York and California and zero state income taxes in places like Florida, Alaska or Texas, many homebuyers are more interested in the lower cost of living and tax benefits from making these states their primary residences.
HEALTH & WELLNESS
Baby Boomers, Gen Xers and Millennials are committed to nutrition, exercise, and wellness. And now in response to the rapid rise of remote and freelance work, the sharing economy, and mounting issues of work-life balance ample wellness programming along with amenities that promote an active lifestyle are in high demand. Additionally, this translates to a variety of unique on-site services focused on health and wellness from the standard on-site dining establishments serving take home gourmet organic meals with home grown produce and herbs to personalized nutrition planning, weight loss coaching, IV Therapies, sports medicine, stretching, at home spa therapies and more.
“Shifting buying preferences produces amazing opportunities for builders, realtors and developers right now”, says Karen Cantor, Executive Vice President, Cotton & Company. “They can definitely capitalize on this growing consumer interest in larger residences, more amenities, cost savings, and the desire for healthier living. Whether it’s a first-time homebuyer or a wealthy vacation homebuyer, all buyers are adjusting to this new world as a result of the pandemic, and the real estate industry must evolve to keep up with this ever-changing marketplace.”
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