Real Estate Trends During COVID-19
May 01, 2020 05:38PM
By Norma Flaskerud
Real Estate Trends During COVID-19
Since Covid-19 hit, we have been sheltering in place. By now, you have likely used every nook and cranny of your homes to the max. The post-COVID-19 era will likely bring a slew of changes to the kinds of properties, features, amenities, and locations homebuyers will look for. Below are a few trends to expect.
The dining room table has quickly turned into a combination of home office, conference room, and possibly even home schooling hub. The living room may be the new “Zoom” center for video meetings. Some may use a bedroom corner to take that private phone call. The kitchen may be a work and school cafeteria, stocked with a food-serving counter open 24/7.
Some of us may feel like we’ve overstayed our welcome in our own homes and decide they no longer work for our current lifestyle and needs. Some will have fallen in love with current spaces and appreciate features never fully utilized until now. Even if there is a lot to love about your home and location, work is needed to make it “perfect,” perhaps through remodeling, new furnishings, or more space and amenities. It’s also possible that glaring concerns are pushing you to consider a relocation.
Shifts in homebuying are likely to occur in the post-COVID-19 era. Here are four trends to watch out for.
1. Less dense living Some may opt for a single-family home over a condo or townhome. Being able to go in your own front door without having to go through a lobby area or elevator is a treasured amenity in times like this. Plus, you gain your own storage in a garage, storage shed, or attic.
What about outdoor space? No matter how big or small it may be, having your own yard, patio, or porch is a prized possession —better than balconies that lack privacy or have restrictions.
2. Functional spaces Being cooped up may give way to needing a flexible floor plan, like a bedroom that can be converted into a home office. People might want a house with two master suites in case a grandma needs to move in. We foresee guesthouses becoming more in demand so they can be used as workspaces or comfortably house family members for extended periods of time. Bonus rooms with their own bathrooms, dedicated home offices, and third-car garages serving as home gyms could also come in vogue.
Last but not least, a baby boom is expected to occur nine months after the shelter-in-place began, so some will need a bigger house. Others will need to move due to the anticipated breakdown of marriages from the stress of too much togetherness.
3. Amenities Spending loads of time at home with a limited ability to travel in the immediate and not-too-distant future means a need for more spaces for relaxation, fun, and exercise. People are less likely to question the necessity of these features and instead consider them a requirement.
Properties boasting outdoor living areas with huge patios, outdoor TVs, fire pits, and pools may reign supreme. Summer or outdoor kitchens, some with outdoor bar areas for happy hour, may also gain popularity as alternative space to cook besides the indoor kitchen and a place to relax with visiting friends and family.
4. Location This experience may drive some people to relocate altogether or finally buy that second home. Since flexible work arrangements will likely become the norm for a while or even permanent for some, people may choose to put their money toward their dream “shelter-in-place” escape. We are told home sales in Tahoe at some price points are booming!
Properties that offer people the ability to enjoy an outdoor lifestyle will likely become on trend. Mountain, lake, desert, beach, and coastal properties may provide a much-needed escape and the chance to experience an entirely new lifestyle several months out of the year — if not as a full-time residence.
Along these lines, people may look to buy a second home that can be monetized as a vacation rental to offset costs and provide some income. Buyers may also seek locations with parks, walkable neighborhoods, or other features known to promote a healthy living environment. Access to good healthcare may be paramount. In fact, some may choose to relocate based on that feature alone.
As we transition to a gradual reopening of the U.S., homes and locations that fit the above may be well-positioned to take advantage of a positive market momentum. If you need a referral to an agent in an area where you want to move or buy second home, please reach out to us. If you need contractor referrals so you can update or expand your home, we can help with that too.
The Flaskerud Team Remax Accord
Norma Flaskerud 925-766-6679 DRE# 00867031