Spring and summer are typically the busiest times of the year when it comes to buying or selling a home. School is out, the weather is warmer, and demand is usually higher. Despite the current pandemic, individuals around the nation are motivated to move more than ever, and are taking advantage of the current market conditions. With historical low rates, high demand, and a resilient market, our region has been doing exceptionally well. In June 2020, Bainbridge Island had 1.1 months of inventory, indicating a strong seller’s market. The number of homes sold in June, compared to May reflects an 85 percent increase, averaging 41 days on the market before being sold.
So, what’s motivating people to buy and sell right now? A recent study from HomeLight surveyed 2,000 real estate agents on what they think is driving homebuyers to move during COVID-19. The most popular response in the study was the need for more space, followed by the desire to rent versus buy, and relocation.
When asked what the most important feature or amenity was for homebuyers in the current climate of COVID-19, 17 percent of those surveyed found that a designated home office was important. Remote schooling and work has become a new reality for many families, and the significance of a home office is becoming increasingly popular. The average return on investment for incorporating a home office into your existing residence is approximately 87 percent, with the cost running at around $12,000.
Before the pandemic, homeowners used their home as a “landing pad”. We’ve now seen how our home can be a sanctuary, while serving as a remote work place. The report makes a notable statement about this shift: “Quarantine provided a chance, for better or worse, to experience our homes full-time and with new purpose.”
If you’re considering selling on Bainbridge Island, reach out to my team and I for a consultation on how we can optimize your selling experience and find you the home you love!
Source: “Top Agent Insights Q2 2020 Report,” HomeLight (2020)