JHT Market Update - EP 12
The Pandemic Has Changed What Home Buyers Want
The idea of a ‘perfect home’ has seemingly shifted since the pandemic hit as working remotely has become the norm for many Californians.
Consumer taste has changed. Prior to the pandemic buyers desired open floor plans, but this fascination is changing as family members want more privacy while working from home.
Buyers are also gravitating towards suburban neighborhoods as opposed to more congested city areas.
This was common prior to COVID-19 since Housing affordability drove people away from cities, but has been accelerated even further due to remote work policies and rising awareness about social distancing.
Glenn Kelman, CEO of Redfin has reported that traffic growth for his online listings for houses in suburbs and small towns has outpaced that for in big cities by 164% over the past two months.
Pent up demand for homes with little to choose from gives sellers the upperhand in the current market, and if you’re thinking about selling expect multiple offers, especially for mid-range homes in suburban areas.
To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 54 new listings on the market, 53 new contracts and 49 sales.