It goes without saying that a pandemic changes the world in many ways. The unexpected events of 2020 created a dramatic shift in the real estate market. There are pros and cons to buying a house during a pandemic, and the same goes for selling a house during a pandemic. No matter which side of the coin you find yourself on – you’ll want to maximize your efforts by tapping into the market trends that have developed as a result of current events.
While nobody can predict the future, our status as a local market leader gives us insight into what’s hot and what’s not in the Hot Springs area. We’ve combined the local trend that we have been seeing with the predictions of national experts to give you an idea of what the future of real estate could look like. This may surprise you, but it’s not all bad news!
Relocating for Work? Nah!
As you probably know, working from home has become the norm for a lot of people. Even as the world reopens, many businesses have continued to work remotely. As the pandemic passes, it’s predicted that this trend will stick in many industries. In fact, two-third of organizations have stated that they plan to keep their work-from-home policies.
Before the pandemic, location was paramount for most people. Buyers placed selling points like “close to downtown” or “convenient access to the interstate” high on their wish-lists. After the pandemic, places like further-removed subdivisions, the outskirts of town, and small communities off the beaten path are seeing a boost. That’s where our community reference page (explaining all areas around Garland County) can come in handy!
Stop Renting While Interest Rates are at Record Lows!
With interest rates still low, more and more renters are seizing the opportunity to become homeowners. It makes sense. Why pay rent when you could pay the same toward a mortgage payment?
This trend is increasing interest in condos and townhomes. Renters can make the transition to owning their own property, without taking on the burden of heavy maintenance that goes along with owning a stand-alone home. If this is you, then take a look at the extensive list of city condominiums and waterfront condominiums to explore your options around Hot Springs.
Home Office = Hot Commodity
Anyone who’s ever had to take a work meeting at the dining room table or any other common space in the house can probably attest to this: it is less than ideal. That is why having a home office will likely become a common item on buyers’ must have lists and a key selling point for sellers.
Some experts even predict that this trend could result in the death of the open floor plan and a return to more traditional, segmented rooms. No matter what, it appears that interest in home offices will continue to increase as working from home becomes the norm.
Final Takeaway
Whether you’re curious about buying a house during a pandemic or even selling a house during a pandemic the local market is very active. There are a number of things you can promote when selling your property that may not have been a key-selling-point in the past. This is true for home buyers as well – you might be able to find your dream property well within your budget in today’s market when that was not the case just a few years ago. Either way, you need an experienced and trusted real estate agent to help you along the way. Let us help!
