Despite the pandemic, real estate has been in high gear since April of last year. Being out in the field daily all of this time has allowed us to remain in touch with the latest buyer trends – some of which are quite different from years past. There is more to this story than just low inventory and low interest rates – we are witnessing major sociological shifts.
First of all, we have seen a huge number of people moving to the Valley specifically to be closer to family. And by closer, we mean 15 minutes or less! So many of our clients have told us that this year made them realize the importance of their relationships with their parents, siblings, children, grandchildren and even chosen family. Many families also podded together last spring or summer and the trial run ultimately prompted the move. Such a departure from all the years when people moved here for a change and to get away from family!
While we often only talk about the exodus from California, people are coming here from all over the country. While taxes and politics play a role in some people’s moves, we are finding that as things open up, more and more people are simply coming here for work. As companies relocate to Arizona, their employees are coming along too. Our Valley’s explosive economic growth is attracting an entirely new workforce.
Privacy was also something new that was added to everyone’s wish list this past year. Buyers suddenly became very particular about fence heights, neighborhood noise, and the closeness to other homes. The desire for privacy has often even taken a priority over location.
Buyers have also completely changed how they view and value distance. Being close to family has become more important than being close to work. Living close to hiking and biking trails has become more important than living close to dining and shopping. Having more living space further away has become more important than having a shorter commute.
Lastly, the biggest change is that buyers want it all now. We have never seen buyers move so decisively and so aggressively. They are willing to buy their new lifestyle right now via Facetime and pay a premium to do so.
Despite the historically low inventory, we have been able to find each one of our buyers just the right opportunity in the marketplace. We work our hardest to hedge rising prices with the best assets we can find, and our experience and relationships in the industry have never been more valuable.
We are also helping our sellers take advantage of this unprecedented time and we have the experience to advocate on their behalf to get them the very best deal. We have extensive experience managing multiple offers and know just how to find and cultivate a successful deal… and then get it through to closing.
If you are contemplating buying or selling, give us a call. We are passionate about real estate and would love to help you and your family!
John and Natascha Karadsheh are co-owners of KOR Properties, a boutique real estate brokerage serving the Valley of the Sun, and the creators and founding sponsors of Mesa Food Truck Fridays.
You can reach John at (602) 615-0843 and Natascha at (602) 909-4995, or visit their website: KORProperties.com.