This is the year you may be deciding to move for a multitude of reasons. The global health crisis has certainly changed our needs and our values. Spending significantly more time inside our homes has caused many to prioritize homeownership and rethink what they want in a living space.
The 2020 Annual National Movers Study shows:
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60 percent); desires to be closer to family (59 percent).
Fifty-seven percent moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53 percent desired a lifestyle change or improvement of quality of life.”
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3 motivators for moving into a new house this year
With this fresh perspective in mind, here are several strong reasons why you or someone you know may be reevaluating where you live and wanting to make a move:
1. Working remotely.
Working from home is now the new normal. And for some of us, virtual work is lasting longer than first expected. Many people in today’s workforce are realizing that they don’t have to live as close to their workplace as they once did. In fact, they may be able to get more house for their budget by moving outside the bounds of city limits.
Apartment List confirms:
“The COVID pandemic has sparked a rebound in residential migration: survey data suggest that 16 percent of American workers moved between April 2020 and April 2021, up from 14 percent in 2019 and the first increase in migration in over a decade…
One of the major drivers in this trend is remote work, which expanded greatly in response to COVID and will remain prevalent even after the pandemic wanes. No longer tethered to a physical job site, remote workers were 53 percent more likely to move this past year than on-site workers.”
If you’ve been hitting a wall (pun intended) when trying to convert your dining or guest room into a home office, you could benefit from moving into a new house with more room. In reality, the design of your current home may not be suitable for this kind of work-from-home flexibility, making your job harder than necessary.
2. Fitness/activity space.
Staying active is a priority for many people, and hopes for building a home gym continue growing.
A new survey polling 4,538 active adults in 122 countries found the top three rising fitness trends to be:
- At-home gym equipment – Up 50 percent.
- Nutritionists/personal trainers – Up 48 percent.
- Online fitness classes, courses, and subscriptions – Up 17 percent.
Having the room to maintain your mental/physical health and fitness at home may be enough to encourage you to consider moving into a new house — one that has extra space for the home workouts, activities, and hobbies you and your family love.
3. Outdoor living space.
The top three outdoor living trends for the year recently released by Better Homes & Gardens include:
- Outdoor kitchens: Sixty percent of homeowners are currently seeking to upgrade.
- Edible gardens: Millions started gardening during the pandemic, stocking their fridges with homegrown herbs, veggies, and fruits.
- Secluded areas: With spending more active time outside comes a greater need for privacy.
Your current home may not provide you with the room you need to flourish in these areas — both inside and out.
This has been the year of change. If you’re itching to move into a new home that better fits your needs, now may be the ideal time to do it. By purchasing a house now, you can lock in today’s record-low mortgage rates — making it easy for you to get more (i.e., a bigger or more desirably located home) for your money.
And if you happen to own a home already and want to trade up, you’re in an even better position. There are currently very few houses available for sale, and yet, buyer demand remains high. The probability of a bidding war may drive up the sales price of your house. As a seller, you could leverage this profit — while also leveraging low rates — to purchase your next house in a higher price range.
This is truly a dream scenario if you want to move up into a larger place.
As the Institute for Luxury Home Marketing’s April Luxury Market Report indicates:
“The Institute’s recent analysis of sales in 2020 for homes over 5,000 square feet support the continuing preference for larger homes. The analysis determined that there was a 17-percent increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019.”
If this higher price bracket is within your reach, it may be smart to plan to move sooner. Should housing inventory remain tight (as it’s likely to), it’s only time before more buyers begin flooding into — and creating competition in — this move-up price range.
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For educational purposes only. Please contact a qualified professional for specific guidance.
Sources deemed reliable but not guaranteed.