We’ve have been reading stories recently on how Covid-19 may impact real estate markets across the country for months and years to come. Here are 6 trends we want to highlight–
- Living in a dense neighborhood or apartment or condo building is losing its appeal quickly now. Who wants to get in a Germ Factory known as an elevator? Even I have thought about this when I go to the office which is on the 4th floor. I am now using my pinkie to push the elevator buttons as I know I rarely use my pinkie to touch my face. Suburbs or even exurbs are looking really good right now for people.
- People are discovering that they can easily work from home and this will cause 2 things to happen potentially. First, they will move further away from work into the suburbs or exurbs. Second, a home office will become the #1 necessity in home searches I believe.
- Following a major crisis the #1 need for us as human beings is to feel safe and secure. How safe and secure is an apartment building with hundreds of others? Thus, the desire for homeownership in a single family detached home will increase.
- Fourth, this pandemic and stay at home orders has revealed to many homeowners that their current home may not be ideal. Their current home may be missing enough space for privacy and solitude for example.
- Next, buyers may ask for a dedicated room for on-line learning or in-home learning for their kids.
- Finally, expect patios and decks to grow in popularity for Stay-cations and space outside the confines of walls for individual time and family time.