LOVE it or LIST it, YXE Edition! How has the Pandemic Changed our Home Needs?
If you have a friend or family member in the real estate business that’s been ignoring your friendly zoom requests and phone calls to ‘catch up’, it’s not because they don’t love you. They are BUSY! Homes are selling faster, inventory remains low in the lower price ranges, house wars are on the rise and some realtors say 2020 was their best year yet. And it isn’t slowing down.
So how did we get here during a pandemic? With an almost silent spring market in 2020, unstable employment, economic challenges, physical distancing requirements and general uncertainty?
Well rather than consulting and summarizing various statistical reports, I decided to reach out to the real humans who’ve gotten really good at hammering sold signs into frozen Saskatoon yards. Here’s what just a few of our YXE real estate experts told us.
Average time a home spends on the market in Saskatoon is sitting around 36 days according to local realtors.
What Buyers WANT
Gary Busch, Century 21 Fushion says, “Space and storage. And homeowners are redirecting travel funds to make these changes”. The open concept idea is being traded for separate rooms where privacy has become the key to home harmony during the pandemic. Basement development, home offices, larger master bedrooms and as Adree Goulding, RE/MAX remarked, a unique ask for a second master. (hmmm…could this become a trend?)
Even the “traditional dining room is making a come-back, with flexibility”, says Kendra Rodych, Coldwell Banker. “And if you’re selling, you need to be prepared to do some upgrades. Having a modern kitchen + bath with newer flooring + fixtures will always sell a home.”
Function meets fashion with this versatile space. Swapping your hard, uncomfortable chairs for a plush sofa creates a multi-functional room for weekend and evening use.
A Room with a View
Now that we’ve got you thinking about planning your next vacation and accommodations, which we promise will happen again, for now we redirect your attention to the view inside your four walls. Buyers are more interested than ever in beautifying their interior surroundings. Not only for the (necessary) Zoom calls and the social media screen shots of those calls, but for home owners to actually enjoy their space, feel comfort and make the new home their own.
Property Styles
Always a topic of debate, “Are you a burbs person or an urban dweller? Condo person, or a single-detached home person?” While the answers are personal we can report that in 2020 Saskatoon’s top-selling neighborhoods were Brighton, Stonebridge, and Evergreen. Stats aside, let’s revisit our experts for their take.
Dawn Foord, RE/MAX notes that infills continue to be popular and that the demand for condos is increasing as new first-time buyers excitedly enter the market. “On the other end of the size spectrum, acreages are desirable again as people are enjoying large yards, planting gardens, and developing multiple outdoor gathering areas.”
Predictions for the future
We probably don’t need tarot cards to tell us what to expect as we move through the year. Realtors are suggesting that the housing market will remain strong, with inventory down, prices will continue to increase. If the cost of borrowing remains low, Saskatoon could continue to see some buyers move up 100-200K on their purchase price. That’s not an exaggeration folks!
Don’t Fear the Fixer-Upper
While there are a lot of things that need careful consideration when committing to a major home renovation, in some situations it might be the best decision you could make. (Watch for a future blog post that breaks down all the pros and cons of reno versus build)
Of course the important question comes to mind: “how am I going to afford this?” Well, if you are new to the game, there is a program to support you. The Purchase Plus Improvements Mortgage allows buyers to finance up to 20% of the post-renovation value of the home. With such low interest rates, the value a renovation will add to your home and your happiness is worth the investment.
This past year Lisa Kloeble, Century 21 Fushion noted that she worked with a larger number of first-time buyers than ever before. “It’s so fun and rewarding to see the excitement of a first-time buyer get into a home of their own, especially knowing they may not have had the opportunity to otherwise.” Leave it to Lisa to find the rainbow in a pandemic.
In terms of renovations, Shaelene Gudmundson, Realty Executives, saw first-hand that more and more buyers were open and willing to renovate homes that they might have overlooked a year prior. 2020 presented people with a lot more time on their hands as well as the patience needed to undertake a renovation project.
It all starts with a vision. Whether it’s yours or your designer’s, Metric suggests you consult a professional to start your project off on a path to success.
“A lot of buyers love the idea of a reno, but don’t understand it. The process can be scary and overwhelming. The truth is, there’s nothing to fear when you hire a professional design/build company to manage the process. Now that transformation becomes a lot more accessible, and you get something you love.” – Adree Goulding, RE/MAX Saskatoon.
Staying Humble
We all know the past year was really difficult for so many, yet the theme I heard the most from all the realtors I spoke with was grateful. Their success was not lost on them. They all recognized that the pandemic re-awakened the real estate market, and literally opened so many doors. They met new clients, reconnected with past clients and broke sales records.
When I asked Sheri Willick, Serenity Real Estate Solutions, what lesson(s) did you take away from 2020 either personally or professionally? Without pause, she quickly remarked, “Easy, to get over myself. We all get so caught up in our own little worlds, taking ourselves too seriously and losing sight of the big picture. It taught me to get out of my own head, shift my perspective, and look at the world through a new lens. It sounds simple, but if you commit to it, it can be really powerful.”
A Special Thank You to all the busy Realtors that took the time to share their experiences and expertise with us.
Written by Crystal Reich
Culture Connector