What Buyers and Sellers Need To Know About the Appraisal GapIt’s economy 101 – when supply is low and demand is high, prices naturally rise. That’s what’s happening in today
Real Estate Market Observations during COVID-19
Dated: December 2 2020
Space: This year, more than any other, buyers are looking for acreage and/or more square footage. First time buyers are anxious to have a space to call their own and get out of rentals.
Location: In addition to moving out to less densely populated areas as mentioned above, those that can relocate anywhere are doing so. Empty nesters are moving to their retirement destinations earlier and families with school age children that are not ready to locate are looking at second homes if they have the means to do so.
Flexible Space: Rooms that can function in multiple ways for a buyer or that they can adapt to their needs are in demand. An example is the seldom used formal dining space near the front of the home that can function as a second office, study room, playroom or yoga studio.
Outdoor Spaces: Due to social distancing and lack of travel this year, decks, screen porches and patios with fire pits are appreciated more than ever.
Function AND Form: This spring many of my clients used their time to conquer home improvement projects that were considered upgrades or reworked areas as a result of changing needs as their families grew up. Buyers also are looking for homes that look good AND function well for them as we spend more time at home.
As always, if you are contemplating a home improvement project in your extra time at home, I am glad to offer insight into how it will affect your home's value. If you have concluded after spending so much time at home, that your house is no longer a match for you, I can help with that also.
Feel comfortable to call me with any thoughts, questions or comments you have. I can be reached via text/cell at 952-221-2818 or by email at John@TheCannyGroup.com
The Canny Group, led by highly respected real estate agent, John Canny, specializes in real estate transactions in Shakopee, Savage, Prior Lake, and the extended southwest metro including Scott County....
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