As companies continue studying consumer behavior while times are still uncertain, Homesnap has found that the market is doing anything but slowing down. Buyers continue to outpace sellers, leading to a lack of inventory, which means prices are staying up even with the wobbly US economic market.
Evan Marbury, a Compass agent, said that homes are selling as quickly as one or two days on the market. When it comes to some of the major markets on the east coast, Miami housing is selling the fastest with an 88% decrease in time on the market; Then Boston with a 74% decrease in market time, followed closely by DC.
When it comes to what consumers are looking for, we’ve reported multiple times on what the pandemic has done to shift consumer behavior when it comes to the types of homes they search for and where they look to move.
Carrie J. Little in Chicago explained:
“Buyers are looking for a space that has an area for a home office. People don’t necessarily need an extra room to convert into an office, but they are looking for a space that is light and bright and can appear like an office on Zoom calls.”
Though not everyone plans to flee metropolitan areas, DC real estate agent, Evan Marbury told Homesnap:
“...As far as people moving away from the [Washington, DC] city, I haven’t necessarily seen a larger migration any more than before but, the trend of people no longer wanting a 1-bedroom condo is real -- people definitely want more space. So if you are going to buy a condo, more space and a balcony are now non-negotiables, as before, they were a ‘nice-to-have’.”
Now, agents are preparing hot spots to change, as consumers look for areas that have the best of both worlds, with spacious neighborhoods that are closer to the convenience of metropolitan living.