My Home is My Castle
Category News
"My Home is my Castle" is an ordinary phrase many of us have heard before. But what does this actually mean?
Especially, now...
With the year 2020 behind us (physically, not psychologically), our property industry has seen a change in how buyers and sellers approach the residential market. We therefore thought it imminent, to give you, dear avid reader, our two cents on what we can possibly expect from our local residential property market in 2021:
The old school study of 1990 is once again trendy.
Work-from-home. As simple as that. With many professionals now spending their office days at home, a dedicated work-space/study/office has become a major must-have in the buying process, this is over and above the bedroom needs of the family, and even your first time home-buyer or retiree is needing at least one or two studies to work from home.
Space.
Don't get me wrong, the trusty lock-up-and-go is still a market-winner, but for your larger families, we are seeing an increased need for space. Our buyers are looking to move away from crowded town and city centres, wanting extra rooms like a pajama lounge or even a dedicated play room for the kids. Demand for larger open spaces and gardens is also increasing, as understandably, the home now needs to cater to their social, work and family needs.
Quality vs Quantity.
Although we are seeing a demand for larger properties, the area in which the property is located, seems to be one of the biggest factors in the buying decision. One can understand that families now have more time at home, and would inevitably want to exercise, take the dogs (and kids) for a walk and would need a safe, secure neighbourhood to do that in. So despite size, a secure location of the home is now an even bigger priority more than ever.
The upgrade/downgrade circle of life.
With many buyers now wanting to upgrade in size and value, many sellers are needing to downgrade in size and value. Younger families are moving into larger homes in the schooling districts, whereas older couples are moving into smaller homes, away from these districts, but still close enough to visit grandkids. The key component one would note here is that the residential market in an area such as the Northern Suburbs (being a top-notch schooling district), is kept alive by this ebb-and-flow of life.
Therefore, although their property needs might have changed due to the pandemic, your owner-occupier is still needing a home and we foresee the residential market in an area like Northern Suburbs and surrounds, to remain stable throughout 2021.
So yes, in 2021, my home is my castle, and when looking for my new home, I am definitely going to make it my castle!
Article by: Alet van Zyl I Head of Marketing
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Author: Louw & Coetzee Properties
