What Is Currently Motivating Homebuyers?

The news has been flush with stories about the ongoing strength of the real estate market around the country. Many people realized during the pandemic that their ability to work remotely meant that they could continue their job from virtually anywhere with an internet connection. This prompted many renters to consider their long-term homeownership goals, and we’ve seen demand steadily increase for months.

So, what is currently motivating homebuyers?

The Need For More Space

As the pandemic continued for longer than many people were prepared for, we all found ourselves spending a lot of time at home. This gave everyone the chance to consider their needs and wants more closely, and examine whether or not their current home was right for them for the long haul. Working from home (or homeschooling children) without a dedicated workspace prompted many buyers to enter the market because they simply needed more space. And this trend is continuing, despite the world returning to some semblance of normalcy.

Cashing Out Equity & Low-Interest Rates

There’s no doubt we are in the midst of a seller’s market. Demand continues to outpace supply, which has allowed sellers to cash in and profit on their homes. Many buyers are actually sellers who are cashing out their equity and leveraging a home sale to move up to a higher-priced home. Couple this with low mortgage rates, and it really is the perfect storm for sellers who want to find their future dream home.

Expanding Outdoor Space

We are blessed with some of the best weather in the country in Southern California, year-round! With that said, outdoor space is more important to homeowners here than in other parts of the country. From outdoor kitchens and dining spaces to gardens, pools, decks, and more, many buyers have started their home searches to find the outdoor space of their dreams. This is partly because we’ve been logging more time at home than taking lavish vacations, but also because outdoor living spaces in Southern California are an extension of the indoor living space.

Room to Work Out

Another byproduct of Covid-19 was that many gyms and fitness facilities were forced to close their doors. This left people scrambling to figure out how to continue their workout routines. For many, investing in a piece of gym equipment or online classes became their only option to stay healthy and active. But you need space to work out, which has prompted some buyers to start searching for a home with more room.

Have you been thinking about purchasing a home? I would love to discuss your objective! With decades of experience in the Pasadena area as a real estate professional, it would be my pleasure to assist you. Please contact me to set up an appointment!