COVID 19 and Its Impact On Homebuyers When House Hunting – Although the CoronaVirus (COVID 19) has created unprecedented and confusing times, the real estate market has remained strong! Homebuyers are and will continue to search for and purchase a home for themselves and/or their family. That said, however, the sought out features in a home and the house hunting processes are changing.
1) Buyers Want Dedicated Spaces for Working From Home and Virtual Learning
First off, with more individuals working from home and students taking on virtual learning, homebuyers are seeking spaces dedicated to working, learning, and better focusing, all the while being able to create a partition between the daily grind and relaxing at home. Accordingly, properties with larger square footage, more rooms, a home office space / den are being sought after.
2) Buyers Want More Outdoor Space
If you have children (or not), then you may have experienced the stress of not being able to take the kids outdoors to burn off their energy at the local playground. If your source to a swimming pool has been a community pool, then you may have experienced the tight restrictions imposed by COVID 19’s subsequent safety recommendations. With less access to outdoor features, pools, or even outdoor community events, buyers are seeking homes with larger backyards and resort style living. COVID 19 has brought a sense that ultimately, there is no place like home. Pools close. Beaches close. Parks close. Outdoor events close. Even hiking trails can close. Grant it, these are safety precautions, but the fact is, with less access to outside, homebuyers want the outside to come to them. They’re looking for spaces where they can add a playset for their kids. They’re looking for a swimming pool or the space to add one so they can dip in for a little refreshing R&R. They’re looking for a garden where they can go out and smell their own roses. Times are changing. Optimal location is still crucial. Indoor space is still needed. However, more outdoor space is now a requirement for many as well.
3) Buyers Want A Space That Supports Their Lifestyle
Zillow’s lifestyle expert, Amanda Pendleton, describes: “Our homes have become a gym, a workplace, a school, a restaurant, a playground … People are realizing their homes not meeting their needs at this time, and that might not be a temporary thing.” Accordingly, once where it was all about location, location, location – the pandemic has brought people to seek a home that is aligned more with their lifestyle. For instance, for many, going to the gym was for more than just losing weight. The gym was a source of therapy. However, with the on and off closing, many have been trying to work out more from home. Accordingly, homebuyers are seeking a place with a bigger garage or space to create a home gym.
In short, while the real estate market remains strong, times have changed. Therefore, single family homes with larger spaces to support one’s lifestyle is what’s being desired. Furthermore, studies are indicating that more younger individuals are seeking to purchase single family residences as well. Additionally, it should be noted that home searches are more virtual than ever before. As such, if you’re looking to sell a home to take advantage of this buyer’s demand, make sure to contact a Realtor as myself who is experienced in building your property’s online presence.
As always, if you need any help listing or buying a home, please don’t hesitate to reach out.
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