July 16, 2020

What marketing-ad message would resonate with new buyers? According to a survey by HomeLight, the most common reason cited currently (44%) is a desire for more space, but the traditional yearning to “own my own home” (41%) is still a driving force.

SAN FRANCISCO – 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. 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%).

Reasons people will move during the pandemic

44%: Need more space
41%: A desire to buy rather than rent
37%: To get out of the city and move to the suburbs
31%: Job relocation
31%: A desire for private outdoor space
28%: To be closer to friends and family
27%: To downsize
19%: To be in a better school district
13%: To get away from multifamily or condo life
11%: Due to financial problems and/or a job loss
3%: To get closer to the city
11%: Other

The desire for a home office also rose to prominence as a feature attractive to buyers, according to agents surveyed in HomeLight’s Q2 2020 Top Agent Insights report, as remote work grows more common. Designated home offices were the top feature demanded by 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.

“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,” according to the report. “Quarantine provided a chance, for better or worse, to experience our homes full time and with new purpose.”

For homeowners who want to add a home office to 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 (76% ROI of its average $3,400 cost).

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

Information provided by Florida Realtors. Click here to see the original article.