4% Mortgage Charges and Quickly-To-Be Retirees Inflicting Vendor’s Market to Shift, In keeping with HomeLight’s Prime Agent Insights Summer time/Fall 2021 Report
A quarterly report polling more than 1,100 top real estate agents across the country confirms that the U.S. housing market continues to be the seller’s market, but new insights into bidding wars and changes in seller behavior show the tides are changing.
SAN FRANCISCO, July 14, 2021 / PRNewswire-PRWeb / – HomeLight, the real estate technology platform transforming the home buying and selling process for the top real estate agents and their clients, today released its Top Agent Insights Report for Summer / Fall 2021 showing how the new hybrid workweek and post-vaccine mentality shape the preferences of today’s home buyers and sellers. According to the report, 98% of top brokers across the country agree it continues to be a seller’s market, up from 79% since the pandemic real estate boom began in summer 2020 – but new evidence shows the tide is turning as the Shifting homebuyer priorities and sellers trying to capitalize on current high market prices.
“This is truly the first time since the 1950s that home buyers have really thought about houses in a really different way,” said survey respondents Lindsay Mann-Emerson, a top Colorado Real estate agent in the HomeLight network. “I believe the pandemic and the lockdowns that followed have forever changed the housing market, the way we view housing, the needs we have and what ‘home’ means to people.”
New data predicts changes in the behavior of homebuyers and shows why inventory could be unlocked in the second half of 2021:
Home Selling FOMO is real – especially for retirees: Many realtors say high prices could get more sellers to list by creating a “Carpe Diem” reaction – almost half (48%) of realtors say they do Feeling from FOMO expect more ads to be activated in 2021. 61% of brokers agree that the type of salespeople who are most likely to be motivated by today’s high prices are almost retirees who are paying off a few years ahead of schedule to increase their savings.
The story goes on
4% mortgage rates could trigger an inventory shift: Potential home sellers know that buyers are affected by low mortgage rates, and more sellers are feeling the pressure to get a listing before mortgage rates go up. 52% of brokers say mortgage rates only need to be between 4% and 4.5% for buyer demand to subside. 23% of brokers say mortgage rates need to reach 5% to have any effect.
Current home buyer preferences show that even in today’s society we still want to be homeowners after vaccination: Although people are starting to return to the office, the data shows that personal life comes first – and buyers are ready for specific features associated with paying more. Having one’s own workplace at home (named by 60% of real estate agents as the top priority for all buyers) and outdoor relaxation space (50%) have replaced proximity to the workplace (20%) as current must-haves for house hunters.
Comparing the preferences of generations of home buyers, Generation Z wants turnkey homes close to the action, while WFH, Millennials wish great school districts, and Generation X preps the backyard before retirement:
Gen Z wants turnkey apartments close to the action with a spot on the WFH: The top priorities for Generation Z buyers born between 1997 and 2012 are ready-to-move-in apartments (56% of realtors as the top priority for this group of buyers ), in close proximity to restaurants and shops (49%), with home office functions (45%) – and 91% agree that spaciousness is not a priority for Generation Z’s homes.
Millennials put great school districts above everything: Top priorities for millennial homebuyers born between 1981 and 1996 are having a great school district (65%), working from home (51%), and moving-in skills (46%).
Gen X Prepares the Back Yard Before Retirement: 47% of agents say move-in skills and modernized outdoor living areas are top priorities for Gen X, who were born between 1965 and 1980.
Each generation group prioritizes ready-to-move-in skills that can be associated with costs: 56% of realtors say that building owners need to raise prices for contract buyers due to scarcity of raw materials and rising costs.
The peloton paid off: The value of a home gym has increased by up to 99% since pre-COVID times: Agents estimate that the value of a home gym has increased by 69 %9% $ 3,635 Pre-COVID too $ 6,127 after the vaccine. The Pacific region saw the biggest jump in value a home gym adds to property from $ 3,939 to $ 7,824 – an increase of 99%.
The value of hot tubs is rising, particularly in the Midwest and Northeast: the value a buried hot tub adds to a home has increased by an estimated 71% since the pandemic began. Before COVID-19, a sunken hot tub was estimated to bring $ 4,052. After vaccination, buyers pay an estimated amount $ 6,925 for the function. A hot tub is worth the most in the northeast $ 8,292, but the Midwest saw the greatest appreciation of 106%, off $ 1,890 to $ 3,899 $.
HomeLight’s Summer / Fall 2021 Top Agent Insights report was published between May 20 – June 4, 2021, through an online survey of 1,115 HomeLight Elite ™ and top real estate agents across the country. Realtors were selected to take the survey based on the same performance data HomeLight uses to identify top real estate agents for hundreds of thousands of home buyers and sellers across the country. The HomeLight Elite Agent ™ program works with top real estate agents based on their performance, use of customer-friendly products, and customer satisfaction.
For more results, download the full Top Agent Insights report for Summer / Fall 2021.
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Further information and images: homelight.com/press
Communication manager, HomeLight
Lizzie Ryan, HomeLight, (855) 999-7971, email@example.com