Americans have been on the move for more reasons than just to snag record low mortgage rates, shows a new survey of 2,000 real estate agents from HomeLight, a company that provides software and services to the real estate industry, a company that provides software and services to the real estate industry. The survey was conducted in a series of seven separate polls from April to the end of June.
The top moving motivators cited include the need for space (44%), a desire to buy versus rent (41%), and to relocate to the suburbs (37%).
The home office is also taking front and center as a prime home feature attracting buyers, agents reported in HomeLight’s Q2 2020 Top Agent Insights report. As remote work grows more common, home buyers need a formal home office. Designated home offices were the top feature in demand among home shoppers, followed by a home in a less dense location, single-family living, a private and spacious outdoor area, and a well-appointed kitchen, the survey shows.
“Prior to the pandemic, many viewed their homes as landing pads, a place to change clothes and rest before they were off on the next trip, the next social outing, the next go-go-go adventure,” the report notes. “Quarantine provided a chance, for better or worse, to experience our homes full time and with new purpose.”
For homeowners wanting to add a home office onto their existing space, they’ll likely spend, on average, $12,000. However, the home office can recoup 87% of that spend at resale, according to HomeLight. Another remodeling project that can recoup the most at resale: Walk-in pantries (a 76% ROI of its average $3,400 cost).
Source: “Top Agent Insights Q2 2020 Report,” HomeLight (2020) & CAR.org