2020 started off as a very strong year in real estate in South Florida. I had tunnel vision, my sights were set on those "just right" properties for my clients. The economy was strong, young families were looking to make bold moves into good neighborhoods, small business owners were looking for spaces with greater square footage, and the 45+ looked for vacation properties. Then as the pandemic came in full throttle, real estate as we knew it slowed, crawled, and sputtered. Now, as we are emerging on the other side, we have developed new marketing plans, revamped "what a buyer wants," and are excited for the second half of 2020.
The Pandemic and the quarantine that followed brought about some rather large changes in the mindset of buyers, which in turn will set the criteria for best upgrades to add value for resale. The most basic but a big one is the shift to virtual offices for the many working from home. This is an interesting one because it will bring two changes. Many companies realized that business can function quite efficiently virtually which leads to the question, "do we need such a large space with large overhead?" For the employee, the homeowner, is the need for some kind of private or at least semi-private (and quiet) workspace. This shift will have lasting effects on both residential and commercial spaces.
Green spaces, kitchens, and outdoor dining have made a leap from the wish list to the must haves. Kitchens have always been at the top of the list for money well spent for resale. During the pandemic, green spaces and the great outdoors became utterly important. Buyers are looking for yards, pools, and outdoor kitchens are paying off well, too. A popular purchase during the pandemic was a new puppy, so fenced yards are also drawing lots of attention.
Buyers are moving quickly and making speedy decisions these days, since inventory and interest rates are very low. One interesting note is that buyers seem to have developed the desire to find a home for the long term.
The pandemic brought about the need to sell virtually. Thankfully, we have an excellent photography company that produces top quality virtual tours that alow the buyer to literally "walk through" the home. Additionally, social media marketing has allowed us to reach new markets and get homes before buyers not just locally, but globally. When we do show houses in person, we make sure that masks are worn and strict social distancing are a must.
We survived the murky waters and limited vision to see the brighter and clearer 2020!