Once again, we see changes in home buying patterns as the number of vaccinated people increases.
The real estate industry saw a shift in buyer patterns from cities to more rural areas in 2019 and 2020. Due to many companies switching to the work-from-home model, home offices, large yards, and square footage were most desired by buyers. Naturally, homes that provided destination/resort living saw prices surge! Best of both worlds – working on the safe comfort of your home, while enjoying some family time in a comfortably sized home.
The last half of 2021, reflected a different pattern
Homes that provide significant entertainment/gathering areas are still popular, but we saw an increase in second-home buyers in the second half of 2021. It appears that working from home full-time could be replaced with hybrid work models entering 2022. Buyers are changing their wish list of home amenities to reflect pandemic living and a lot of them are buying second homes away from the city to allow that flexibility to work from home a few days out of the week. These are not the retirees that winter in the desert but younger buyers still in the workforce that might have another home in the city. A place in Skagit, Island, or San Juan Counties where the outdoor activities differ from the city life and provide variety in any season.
Another market shift is the impact of inflation. As inflation becomes more widespread, it will eventually reduce disposable spending.
The most recent local election reflected changes in consumer attitude towards crime, homelessness, and skyrocketing taxes caused Seattle politicians to adjust agendas. Will many people leave Seattle in 2022 as they did in 2021? Probably not.
There have never been so many factors putting pressure on housing in every direction. The only guarantee is that the market will change and, as it does, we will be on the top of the market trends and keep you up to date. If you are thinking of selling, you can still get TOP dollars for your home. Give us a call or send us an email or text to discuss your options. We are happy to share our market insights with you to make an informed decision when you sell your home, just contact us! call, text or email us today.
360-553-0715 or 360-941-3734