The pandemic has impacted real estate markets around the globe, and as time goes on we’re able to get a stronger grasp on how homeowner priorities have shifted. Here are a few trends to keep an eye on, and one consideration to keep in mind down the line.
1. Suburbs > Cities
For many, COVID-19 made lack of space unbearable. While a one-bedroom loft in the center of downtown was once a popular request, many homebuyers now prefer larger homes with more space and don’t mind being further from the city as commutes are less of a requirement.
2. Outdoor Space
Pre-COVID, outdoor space was a frequent nice-to-have amenity but would be the first item to compromise on if the rest of the house was perfect. Now, more buyers are placing a stronger emphasis on having privacy, spacious yards, and room to add patios, decks, and pools.
3. Home Office
Even before the pandemic hit, home offices were becoming more in demand with buyers and were often available as add-ons with home builders. COVID-19 sped up the popularity and necessity of home offices, and it’s now a must-have for many buyers.
Keep in Mind. . .
If you’re contemplating a move outside the city, make sure you take a moment to consider multiple scenarios for the future. While work from home is currently a norm, no one knows for certain whether flexible policies will be here to stay in a post-pandemic world.
To avoid buyer’s remorse, weigh priorities like commute time and neighborhood convenience for both today’s reality and what your day-to-day might look like a few years from now.
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