Homebuying Behavior is Changing

Homebuying Behavior is Changing
We are blessed in San Diego County. We have a temperate climate, National Parks, natural preserves, and stretches of beaches to help us stretch our legs and breathe deeper during these challenging times. We've long believed that the accessibility to San Diego's beautiful outdoor spaces is an extension of each of our backyards--or for some, the only backyard. But change is happening. Many of our clients this past year made big moves and we continue to meet with new neighbors and community members who are ready to pursue homeownership for the first time this coming year.

Homebuying behavior changes we experienced in 2020:
  • Increase in first-time home sellers; the majority also purchased larger homes or properties.
  • Increase in clients purchasing investment properties.
  • Buyers are often requiring a designated home office or office space as part of their search parameters.
  • Space for an at-home gym is either a requirement or a big plus.
  • Many more buyers are considering areas outside of their current communities in order to find larger homes or lots.
  • SO many clients took advantage of low interest rates in order to refinance.
  • The first-time homebuyer populace continues to grow steadily as we move closer to 2021.

We're not alone either. According to the California Association of REALTORS®, more than two in five REALTORS® (43.6%) noticed a change in buyers’ preference of the property that they want to purchase since the Coronavirus outbreak.

Of those REALTORS® who noticed the change in buyers’ preference:
  • 39% said buyers are opting for a bigger home.
  • 35% said buyers are opting for a property with more rooms.
  • 37% said buyers are less concern about the commute time to work.
  • 37% said buyers are opting to live in a suburb rather than a city.
  • 26% said buyers are opting to live in rural area rather than a city or a suburb.
2020 has shown us in more ways than one that our community's needs are changing; our values are evolving, and hopefully our appreciation for life is deepening. We're committed to your needs and your growth in 2021 and thereafter. 
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