What Does Buying A Home Mean in the Age of Covid-19?
Buying
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.
Unsurprisingly, we’ve also seen a substantial shift away from public open houses, even as the market has opened back up over the last few months.
In the past, the open house concept was very much built around the idea that people could come and go as they pleased. I think those days are behind us—at least for the foreseeable future.
Instead, the home buying process has become increasingly more systematic and deliberate, with the seriously motivated buyers taking the time to come up with a list of their specific needs and hopes prior to starting their search.
So, while the number of showings (and the number of people in attendance at each) has inherently decreased, the showings that do happen are high-quality and highly productive, with buyers knowing what they want before they even walk through the doors.
Although it’s hard to project what the next six months may have in store, one thing is certain: with this influx of serious buyers and not enough inventory to meet all of their needs, it is without question a seller’s market.
So, what does all this mean for you?
If you’re looking to buy anytime soon, this competitive market landscape makes it that much more important to find an agent who you trust, and who will advocate for your interests at every turn.
I’d also recommend working with an agent who has proven experience managing the delicate ins and outs of this new, reimagined process. For my team and my clients, safety always comes first. No exceptions.
We have successfully implemented a strict set of protocols that always puts our clients’ health at the forefront when touring homes. Before you embark on the journey to buy, I’d recommend making sure your agent is similarly well-versed in these critically important considerations and practices, because the reality is, money is no longer the only thing at stake if the transaction isn’t handled seamlessly and safely.
