In the house hunting market, there have been some recent shifts in what buyers are putting at top priority when searching for a new home. Even current homeowners are rethinking the functionality of their homes. Do they really have enough space inside their home? Is the lack of a backyard starting to become an issue? Since COVID-19, the ample time spent in the house has buyers and current homeowners reconsidering the kinds of things that will make them most satisfied with the space they call home. Here are some home trends that are heating up the market and some that are slowly cooling down!
Home office spaces
With the rise of telecommuting, home office spaces have been a hot commodity. While many of us may have to make use of common areas like the living or dining room, committed office spaces are more highly sought after. In fact, NAR (National Association of Realtors®) is predicting that home offices will become essential for buyers. This, however, doesn’t come without its challenges. For those without a more private home office set up, they face the struggles of soundproofing, finding comfortability, and being able to access a strong Wi-Fi connection. Sellers will likely try to cater to this need by staging spare rooms in a way that would promote the potential of a home office space.
Room for outdoor entertainment and lounging areas
As stay at home orders have kept us away from our usual in-person and recreational activities, homeowners are looking inside of their spaces for entertainment. In a recent consumer study done by realtor.com®, it was found that while sheltering in, more space in the home was in demand along with the desire for an outdoor area. So what kinds of things were on their wish lists? Amenities like home gyms, a patio, or larger yard area that could accommodate a fire pit, an in-ground or above ground pool, and outdoor seating or entertaining space.
Maintaining flexibility has been a unique challenge for those working through the pandemic. In fact, that has translated into the way we use the rooms in our homes as well. Having the option to flip a spare bedroom into a home office, or your garage as your new gym is becoming more important these days. As kids are home from school this year - a specified study area or makeshift “classroom” could also be very useful in these unfamiliar times.
Open floor plans will become less popular
Open concept floor plans have been very popular over the last few years, the illusion of a larger open space can be a major selling point for some. But, this may be coming to an end. Because of COVID-19, more people are spending time at home which means being surrounded by others who occupy the same space. This can be a challenge with an open floor plan because it lacks privacy and any sound barriers to block out noise. More defined spaces are expected to make a comeback to allow for separation of work and other activities done at home.
Kitchens will be key
Restaurants have been severely affected through the pandemic and many have shut their doors or limited their offerings to keep the virus at bay. In turn, people have been firing up their stoves and ovens more so now than ever as a result of limited restaurant options. Homeowners and those looking to purchase a home are really thinking about the basics and aligning themselves with a workable kitchen that would suit them in the most unusual of times.
There are many different things home buyers are looking for in this market, as for homeowners, a lot of thought has gone into ways current spaces are being used. There’s no doubt that COVID-19 has affected us all in some aspect, as time passes it is inevitable the market trends will continue to shift.What are some changes you're expecting to see in the real estate market as a result of COVID-19? Comment below, we’d love to hear from you! If you’re interested in starting your home buying or selling process, visit here for more information.