Day to day life has changed for a lot of Americans within the past year. The reality is that a lot of people are still working from home and many companies are extending remote working indefinitely. In fact, 66% of companies are at least delaying the reopening of their offices.
Buyers are looking for a home office setup
With that being said, many people are realizing their need for more space to accommodate their remote work needs. Home offices are in high demand as more people desire the space to support multiple aspects of the workday. The American Institute of Architects found that between 2020 and 2021, there was a 24% rise in people who want more workspace in their homes.
What does this mean for sellers?
That extra room in your house that you don’t use so much anymore may be a hot selling point. A trusted agent can help you highlight your home’s selling points so that you can list your house at the best price. In fact, staging one of your extra rooms as a work space could be a great idea and one that would catch the eye of potential buyers.
Rent Costs and Equity Have Increased
On top of all of this, rent has significantly increased within the last year. As shown by Apartmentlist.com, the national median rent has increased by 16.4%. Pre-pandemic, the increases were averaging 3.4%! Meanwhile, homeowners gained an average of $51,500 in equity. Renters missed out on that investment and likely will want to join the homeowners wave as rent is likely to continue to increase.
More space plus an investment in a home of their own sounds like a win all around. If you don’t need that extra space and you are ready to downsize, give us a call! We’ll get your home sold and help you find a new home to invest in!