How Has COVID Changed Things for Buyers and Sellers?

Here are six of the key ways that COVID has changed real estate.

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If you’re thinking about buying a home or selling your current one, you should know about some of the changes that have happened because of COVID. Here are the most important ones to know:

1. Buyers are in a hurry. On average, buyers look at just four houses before making a decision. In the past, that average was closer to nine or 10 homes. The reason buyers are in more of a hurry now is that supply is so limited. You don’t have the luxury of being as picky in this market as you have been in the past because if you don’t make a decision quickly, you’ll lose out.

2. Home wishlists have changed. Number one on the list is privacy. Everyone wants a home office now, too. Yard space is another big thing that today’s buyers are looking for.

If you don’t make a decision quickly in this market, you’ll lose out.

3. Buyers are less concerned about commuting. With so many people working from home these days, their commute to work is nonexistent. Those homes that are selling in some of the outlying areas of Chattanooga have an opportunity to be in front of more buyers.

4. Multi-generational households are on the rise.

5. Pets. We’re seeing people make decisions with their pets in mind, such as buying a home with a fenced yard.

6. Housing tenure is going to change. We always talk about the “seven-year itch” because the average homeowner buys a new home every seven years, but we’ve seen people staying closer to an average of 10 years. Due to COVID, I expect to see this reverse and we’ll begin to see people move quicker.

It will be very interesting to see how all these things develop. If you are thinking of buying or selling or just have any real estate questions in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.