AirBnB has changed more than how we travel, it’s changed how we shop for homes!
Over the past 5-10 years, AirBnB has become all the rage all over the country, if not the world. Whether you’re looking for that perfect beach house, trendy mountain lodge or cool lofty, city escape, there are plenty of options at hand! For property owners, it has opened up a new form of revenue stream, while for the renters, it has created a whole new type of lodging to choose from. But recently, I encountered how AirBnBs have changed the way buyers are looking for their next city to live in.
In the past, people would learn about a city by either researching it online, getting recommendations from family or friends, or visiting it over a weekend. Over the past year, I’ve worked with 2 different sets of clients that have used AirBnBs as a way to spend time in different cities/towns for extended stays to not only visit but immerse themselves into the culture and way of life, as a way of truly deciding if the location is right for them. I think it’s a brilliant way to shop a city and it’s something that’s going to become more of a norm going forward. What better way to decide if a City is right for you than to truly live and play in your potential future City.
For RVA, I think this will only generate more interest for our area and showcase us to more potential buyers. I was talking to one of these clients, and I made the comment that I have always said that Richmond was flying under the radar, but now we have become known for how cool we are, which is great. But there is a downside. Homes in RVA, that the local market would consider luxury homes, are considered starter homes when compared to other cities in the northeast, and it skews value for the local buyers. When buyers from the northeast come down here, which they are doing in droves, it’s nothing for them to pay 1 million or more for a house that is half the price or more than the home they are leaving.
So what does this mean? It means persistent competition among an already tight market. Already in the last three years the RVA market has shifted and therefore my strategies have shifted as well. I’m committed to growing and changing alongside the market so that I can continually bring my clients relevant and accurate advice.