How Has COVID-19 Changed Property Buyer Wish Lists?
When purchasing property, buyers have to decide what they want, what they need and what they’re realistically likely to get. If the buyer is making a purchasing decision with another person, everyone involved needs to reach a consensus about those wants and needs.
When looking at properties, it’s easy as a home buyer to be overwhelmed with all of the choices out there. Creating a buyer wish list is an important step that helps buyers find the property that’s the best choice for them.
Not only is a buyer wish list a place to organise ideas, but it also helps to prioritise the most important property features the buyer is looking for. As a property seller throughout the COVID-19 pandemic, it’s important to respond and adapt to evolving buyer wish lists.
Continue reading to discover how the pandemic has changed buyer wish lists, along with some of the most popular features potential property buyers are currently looking for.
What Causes Home Buyer’s Property Wish Lists to Change?
While price, location, age and square-footage will always be important for buyers weighing up their options when making large purchasing decisions, other features of buyer wish lists change with the times and current trends.
Throughout 2020, the COVID-19 pandemic has had an impact on property buyer wish lists that only few could have predicted. National lockdowns and government restrictions have meant that homes have become so much more than just living spaces. Homes have become everything from places of work to makeshift gyms.
How Has COVID-19 Changed Property Buying Decisions and Behaviour?
Pre-pandemic the average buyer viewed between four and eight homes before committing to the right property, with most looking at the higher end of that average. Today, prospective buyers are looking at only three to four homes before putting in an offer.
Data analysts have found that more homes are now securing a buyer offers within one week than at any point over the past decade. The number of UK homes being ‘sold, subject to contract’ after seven days or fewer is 125% higher than the same period last year.
In Scotland, sellers of three-bedroom semi-detached homes had the best chance of selling quickly — with as many as one-third selling in the first week alone. Pent-up demand after a series of COVID-19 restrictions has fueled a surge in UK house sales.
How Sellers Should Respond to the Home Features Buyers Want
If you’ve decided to sell your property, it’s important to be aware that you’re entering a competitive marketplace with countless other houses that offer similar features to yours.
To sell your property quickly, you will have to showcase your property in the best possible light. It’s essential to put in the time and effort to make your property appealing to potential buyers in the current climate.
Prospective property buyers shopping for residential real estate will have a wish list that has been heavily influenced by COVID-19. Before selling your home you should make yourself aware of the home features buyers are looking for in the era of ‘the new normal’. By doing so, you can play to your property’s strengths.
A Home Buyer’s Wants and Needs Checklist
Uncover the common property features that home buyers are currently looking for in the checklist below.
House Features & Specifications
More Indoor Space. With forced lockdowns and stay-at-home orders, people are leaving their homes less and less. This has lead more property buyers to look for more square-footage or a spare bedroom in future property purchases.
Fewer Open Floor Plans. Open plan living can make a property feel much more spacious. But, with families and cohabitants spending more time together, privacy and being able to ‘close the door’ has become a must-have on home buyer wish lists.
Home Offices. Across the UK, 4 out of 5 workers are still working from home since the beginning of the pandemic. Home office spaces are a must for many property buyers in today’s market.
High-Speed Internet. A stable internet connection is essential for people working from home.
Multigenerational Homes. Homeowners looking to accommodate adult children or vulnerable elderly parents are searching more and more for larger homes with multiple bedrooms, a granny flat or potential for dual-living.
The Outdoor Area
Bigger Gardens. More private outdoor space has fast become a feature on home buyer wishlists. Easy, low-maintenance gardens are the best for busy families and professionals who want to kick back and enjoy the outdoors.
Space for Pets. Many people have found they now have more time during the lockdown, and many have sought a pet to keep them company. Being at home more has encouraged people to buy pets, which has led more home buyers to seek suitable outdoor spaces for their dogs and cats to explore.
Balconies for Flats & Apartment Living. If the buyer is looking for a flat, a balcony or shared courtyard may be an essential part of their wish list.
The Local Surrounding Area. A renewed focus on family, good health and an interest in living away from densely populated areas have seen an increase in demand for rural and suburban living.
Use a Home Report to Avoid Missing Anything On Your Property Wish List
The Home Report in Scotland is designed to provide prospective buyers with detailed information about a property they’re thinking of buying prior to submitting an offer.
Coupled with your property wish list, the Home Report is an essential tool that will make sure you don’t miss anything important when looking for your dream home.
Discover Home Reports with Home Report Company
COVID-19 has brought many uncertainties to the property market in Scotland. If you’re a seller, get a Home Report early to fill potential buyers with confidence and to best-position yourself for resale. Read our recent guide to learn more about Home Reports and the documents included.
If you have any questions about buying or selling property, or would like to ask us about Home Reports, give us a call 0131 608 0175 or email email@example.com.
Andrew MacKenzie is a qualified Chartered Surveyor with over 20 years’ experience within the Scottish Property market. He specialises in all types of residential valuations including Home Reports, Private Valuation reports and Development Appraisals.
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