Home Buying Trends in 2021
It may come as a surprise to you, given the impact of Covid on all aspects of our lives, but the property market in Italy is actually doing better than in recent years! Prices for residential property are slightly up, overall by 2.1%, and by 1.9% for pre-owned homes (Idealista article 29/03/2021), and the Agenzia dell Entrate saw an 8.8% increase in buying and selling activity in 2020 compared to the previous year. Moreover, while the new build sector is still doing very well, there has been a slight increase in the number of older properties sold as well.
These improvements are not across the board though. There has been a shift in demand, due in part to the impact of Lockdowns on our lives. A significant trend is the shift in the way homes are used now. No longer are homes simply a place to return to at the end of a long day. Now homes must be repurposed to accommodate working, learning, playing, health and living. Buyers are actively seeking properties with the following characteristics:
More space
Outdoor spaces – terraces, gardens, balconies
Extra rooms or areas that can be used for smartworking
Larger kitchens
Space for self-pampering and wellness – such as a nice bathroom for an at-home spa experience
Individual houses rather than condominium living
Homes out of the city, with easy access to mountains, beaches, trails for biking and hiking.
In Italy, people are also more actively seeking second homes, driven in part by reduced access to travel and vacations, and a desire to have a legitimate access to more space while not sacrificing the convenience of city living when its needed.
If you are thinking of selling your property, whether to upgrade, downsize, or for whatever reason, you would do well to consider how your property can fulfil any one of these needs, and make it easy for buyers to see how your property can meet their needs. If you are selling an apartment with a terrace or balcony, make sure it is presented as well as possible as an outside space you can enjoy. Even the smallest balcony can give pleasure if it is presented well, as you can see in these examples.
Do you have a spare room? Instead of leaving it full of clutter, or (just as bad) empty, clear it out, freshen it up and furnish it simply with a desk and chair, and a nice lamp, or create a comfortable, lovely space to relax in, with a sofa, bookshelf, fresh living plants, a nice scent, and natural light.
Your kitchen should be presented in the best light possible, free of clutter, clean and fresh, and give the impression of a well organized space that is truly an area for enjoying the time spent cooking and baking. Perhaps your kitchen is very old and likely to be replaced by the future owners? It is still worth freshening it up: consider painting old, patterned tiles with a tile paint; ensure cupboards are free of grease and marks, and if the cupboard doors are particularly old fashioned, for example with dark wood veneer fronts, a coat of paint to cupboard doors can work wonders for brightening and modernising the look.
Bathrooms can likewise be presented in the best light possible: invest in new soft towels for display, some lovely handsoaps and cremes on display, and well positioned plants to create an oasis-like feel. Again, if the bathroom is destined to be ripped out, focus on the small changes you can make to emphasise light and space.
If you are selling a house with a garden, or an apartment with a terrace, then you have a highly sought asset! Lockdowns have driven buyers to appreciate the freedom that outdoor space can bring, especially when children are concerned. But it is not enough to simply have a scruffy patch of garden. To maximise your value and really stand out, consider how best to present your garden or terrace, focusing on the benefits of outdoor living. Ensure outside space is well maintained, clean up pathways, get rid of weeds, install healthy plants. Is there space for exercise, a trampoline or basketball hoop? Or to create an outdoor living/dining space? Make sure you highlight these features.
Whether you are thinking about selling, or your property is already being marketed, right now is the right time to consider how you can maximise the strong points of your home and give it a competitive edge over other properties buyers are looking at.
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Un angolo pranzo in giardino. Progetto: Feugeres