What Does Buying A Home Mean in the Age of Covid-19?
Buying a home in COVID: Times have changed
Over the past six months, I think it’s fair to say that we’ve all had more time on our hands. Time we would’ve spent commuting, time we would’ve spent traveling, time we would’ve spent seeing friends. Are you thinking of buying a home in COVID?
So, where has all that time gone? When it comes to real estate, in many cases, it’s gone toward dreaming up that perfect home.
The truth is, consumers have had nothing but time to reflect on their current living arrangement, to take stock of what’s important to them now, and to envision what they would want in their future home.
For some, that could mean stretching their budget to buy that house with more land, or being open to a longer commute. For others, it could mean realizing they actually have too much space to look after.
Unprecedented times have a way of bringing potentially life-altering considerations to the surface, and we’ve started to see the market reflect the reality of the buying decisions that are being made as a result.
So, what are buyers looking for in a home these days?
In my recent experience, the answer is usually more space. I’ve worked with quite a few downtown condo buyers moving from neighborhoods like Logan Circle, Chevy Chase, and everywhere in between, who are now on the hunt for single-family homes.
But when it comes to demand, space isn’t the only important factor. I think what buyers today are really weighing is the value—or potential value—of a property and all the conveniences that might make room for.
For starters:
- Is there outdoor space?
- How much natural light streams in?
- Are pets allowed?
Six months in, it’s abundantly clear that the COVID-19 real estate landscape has placed a premium on homes that have it all—and then some. Have you always wanted to install a tennis court? Now might be the time.
What about a DIY garden, outdoor kitchen, or pool? Many buyers—and homeowners—these days have been taking stock of how many recreational activities they currently have at their fingertips, and dreaming up all the new ways they might entertain themselves without leaving the comfort of home.
Seriously, just think of the backyard as your shiny new playground! In step with these aspirational homeowner trends, the popularity of the single-family home has only continued to rise, with condos that feature outdoor space selling for more.
In short? People have started to think of their home not just as the place they return to at the end of a long day, but as the backdrop for the day itself. And that all-inclusive outlook doesn’t stop with recreational amenities, either. With many people primed to work from home for at least the remainder of the year, home office space is in high demand. Think extra dens, and rooms with built-in desks or shelving that combine to create a workspace worth staying home for.
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