Although the appearance of Coronavirus, or Covid-19, has had some impact on the real estate markets, home sales in many areas of the country such as West Michigan are still strong.
With interest rates at record lows, homes have spent less time on the market and bidding wars have been common. In fact, according to Zillow, homes are selling at the fastest pace in more than two years.
The low interest rates have also driven new mortgage applications to rise more than 30% over the same week in 2019. As job losses slow and economic recovery steadies, buyer confidence also increases.
Home buyers desires have shifted since the appearance of Covid-19, prompting more buyers to seek out homes with space for a home office. As the number of people working from home has skyrocketed, home office space has become a high priority.
In fact, a recent Harris Poll showed that 75% of employees who were given the opportunity to work from home would continue to do so if they were allowed.
Of those employees, more than 30% would consider moving to a new home just to get dedicated office space. However, less than 50% of existing homes have a spare bedroom that could be used as office space.
As remote work opportunities have increased, so have home office designs and possibilities. With technology such as Zoom and Skype, many have found creative ways to stay connected virtually.
Other technology, such as the ability to access office computers remotely with applications like Teamviewer and RemotePC makes it even easier to work from home when office resources still need to be accessed.
If you are just beginning to search or ready to purchase a new property in West Michigan or the Lakeshore, please reach out to the expert team of agents at the Andrea Crossman Group and let us help you find your perfect home.