The emergence of a global pandemic and the effects of a warming climate have resulted in a reprioritization for buyers in The Triangle real estate market, and a buyer migration nationally. As real estate progressive professionals in the tech-driven Research Triangle, we already witnessed some shifts from buyers wanting much more in when it comes to work from home options. In addition more buyers are looking for more multi-generational home options, sustainable living options, and locations where climate change is factored in. We heard from buyers telling us they were relocating from the west coast specifically to avoid ever worsening drought and water restrictions as well as fires.
Below is a list of insights for sellers to make homes more attractive to today’s buyers, in addition to guidance on where and how to upgrade homes to retain value.
When the pandemic hit and quarantines took effect, having family in your bubble was a huge advantage for many reasons. From childcare to security and safety, we wanted family close by. As a result, buyers are increasingly looking for homes with multigenerational options. What does this look like, and what does this mean for sellers? Space that can be converted to more bedrooms with full baths, separate entrances,& tiny homes or in-laws quarters, as well as extra space for older children moving home are highly desired and absolutely bring up the value of homes. If you're looking for a good home investment and have the ability to do so (don't forget to check with your local zoning /HOA board) adding an apartment space over a garage, in a tiny home or in a basement is a solid bet. Have a guest bedroom on your main level already make sure it has easy access to a full bath and you'll have more to offer buyers in the coming years.
Flex and Office Space
With so much more time at home, nearly all our buyers were looking for more space. It was rare that a buyer would look to downsize, even if that meant retiring to an aging-in-place community. Flex spaces that serve as mini work from home offices or schoolhouses for children are highly desirable. What does this look like and what does this mean for sellers? If you have an excess of space in a home or have dedicated space that is underutilized, consider combining spaces and reworking spaces to serve a scholastic or work purpose. Often, you do not need more than a few hundred bucks and a trip to an office supply to reorder. Here are some ways to organize a home office for sale.
Prior to the pandemic, many of our buyers were exploring real estate options with a lighter carbon footprint. Oftentimes, this means buying new, due to advances in insulation, the feasibility of using renewable energy, and low-impact appliance packages. In all of our new home guides, we offer options for those looking to reduce their carbon footprint. Rehabbing a home to be more carbon neutral can uncover a host of problems. What does this look like and what does this mean for sellers? If you are considering selling in five years, upgrade to appliances that are energy-efficient, if you are looking about selling in 7-10 years, consider renewable energy roofing. Here are some options for upgrading to solar panels in North Carolina in 2021.
A bi-product of climate concerns and working from home, is an actual migration of people to less densely populated areas. The Research Triangle has a higher quality of life, a more moderate climate, and high livability rating. Locally temperatures are predicted to rise over the next 30 years along with everywhere else. The good news is droughts are not considered likely so water issues aren't anticiapted. With rare extreme weather, diverse culture, great schools, and incredible landscape, it is an incredibly desirable place to move. What does this look like and what does this mean for sellers? If you are considering selling in North Carolina, in the Raleigh/Durham/Chapel Hill area, you should list. Homes are selling on account of low-interest rates and the demand for homes in this area is showing no signs of slowing, outside of limited inventory. Contact us.
Insuring an Uncertain Future
While there is still much uncertainty due to the market and the rate of climate change, insurance is something buyers are relying on and increasing coverage. In our last blog, we went over some good ways to protect weaknesses in policies, click here. What does this look like and what does this mean for sellers? As a seller, it is not a bad idea to increase your coverage, regardless of when you are selling. We are in hurricane season and a robust policy is playing it safe. Even if you are sick of your current home, insurance in the event of a disaster is well worth the spend.
Posted by Larry Tollen
We hope some of this information is useful to you as a buyer or a seller. It is an excellent time to buy or sell in this area, expressly due to the desirability of the location, the progressiveness of the policies, including recycling in the area, local farms, and availability of low carbon power solutions. If you are considering selling or moving to the Triangle Area, contact My NC Homes.