Once the coronavirus outbreak has gripped the nation by the proverbial neck, every industry has suffered from some kind of downturn. Millions of small businesses have had to close their doors – some for good. Millions of people have lost their jobs and even more, are on the brink of homelessness due to these unforeseen complications.
Yet, real estate hasn’t suffered as much as one would think. In fact, according to HomeLight’s Q2 survey, 49% of real estate agents who have participated said that business is picking back up!
Sweet!
The real question is, what are the key features that buyers are looking for going forward? We have a few predictions of what they could be.
1. More space
After spending nearly half of the year staring at the same four walls for months, people are going stir crazy. They’re looking for more room to spread out and have some peace and quiet while the kids play their video games, do online learning, and whatever else to keep themselves occupied. Gone are the days where open floor plans were a must-have. Buyers are looking for walls. They’re looking for doors. They’re even looking for spaces they can convert to an office or private sanctuary!
2. Large and spacious outdoor living spaces
Outdoor spaces are a luxury for some people – especially those who live in city neighborhoods or neighborhoods with small lots. As a result of the pandemic, people are, for the most part, adhering to the stay-at-home orders. And, they’re craving space where they can get some fresh air and exercise. Outdoor spaces like patios, porches, decks, and pools are hot-ticket items for those very reasons. Plus, large yards means plenty of space for children and pets to play outside, too!
3. Mortgage rates continue to stay low
Mortgage rates are the lowest they’ve ever been, therefore making it a prime time for those who’ve been thinking about buying a house to actually do so. They can take advantage of these low rates and find a house of their dreams without paying an arm and a leg. Not only can buyers take advantage of the low rates, but owners who want to take on some renovation projects can also refinance their mortgages – which very well may lower their monthly payment, too!
4. More homes being bought via online listing sites
Everyone knows that if you want something, there’s a very good chance you can buy it online. Heck, you can buy a car online and it’ll be delivered to you within a couple of days! It shouldn’t be a surprise that people are looking online to find their next home. Some people are even buying sight unseen – thanks to virtual tours and open houses.
5. Goodbye city living
Cities are notorious for large crowds of people who are always on the go. Not only are there large crowds wherever you go, but even public transportation and public parks are also crowded, which makes social distancing in a pandemic nearly impossible. These are just a couple of reasons why people are ditching the big city and are moving to quiet neighborhoods in towns with a smaller, less dense population. Plus, since many businesses are allowing employees to work from home on a permanent basis, why would you even want to pay a high rent or mortgage bill for a small space when your money can go so much further when you own in a suburban or rural area?
The reality is, we can’t say for sure what’ll happen in the future. But, we can say that the future of real estate is looking pretty good!