While Real Estate has always been an Inelastic Demand Industry regardless of market conditions, The Inelasticity is stronger now more than ever, and if you are a Real Estate Professional – Pivoting according to the New Needs can create a lot of success and Wealth.
All Real Estate Consumers are Looking for Different Things from their Home today. Our Home now has to meet more needs than any other time in our Recent History.
20 Years ago, 1 in 20 people worked from home. Today 1 in 3 People on average work from home. In the case of Professional Sectors Like I.T, Law, accounting I would hazard a Guess it is 3 out of 3.
In the Last year, Thanks to COVID-19, Our Home has become everything: our family space, Gym, Office, and a Place to School our children. We Have learnt to live with less, but at the same time, make space in our home for more. This Reality is Fortunately or Unfortunately not going to change.
The effect of this Value must be at the top of Mind for all Sellers, Real Estate Agents and Developers.
This New way of Living and trying to create work Life Balance is a huge driver of the Recent high Demand in Real Estate Sales. There is a lot of Movement in the Market and it will continue. Families are looking for space to suit their new Life Better – and the Low interest Rate in South Africa has millions of consumers leveraging to the Max.
The Infrastructure of a Home is becoming more important than location.
Internet Infrastructure, Quiet space to work, space to Play and exercise are more important now. Location and Proximity to the Major Motorway’s to avoid Traffic is not as important anymore to the Millions of People that have found [due to COVID-19] a permanent way to live and Earn.
Isn’t this exciting?
As we have found ways to Pivot our Lives and Career’s, so have to all Professionals of Real Estate. If you are an Agent reading this: Understand the Top Life Values of your client and make sure their new home serves it.
Century 21 South Africa