4 Home Trends Created By Coronavirus, Are They Here To Stay?
There are several new homebuyer trends coming out of the lockdown from Coronavirus. We have noticed a significant change in homebuyer activity. It shouldn’t surprise anyone. Since the start of the Coronavirus epidemic, homeowners have been stuck in their current environment evaluating the deficiencies of their own home. This has sparked new home trends that we are following closely. See our list below
Flight to the Burbs, Vacation Homes
I’ve been selling condos for over 15 years in Seattle. This is the first time that I have seen a stronger desire to live “outside” of the city versus in-city. We can call this trend the de-urbanization of major urban areas. It doesn’t take an expert to notice that the rising inventory and the listing to sale ratio in the condo market is un-balanced. During the lockdown from Covid-19 and the ability for the work-force to work “anywhere”, owners have taken the liberty to move where they desire. This means suburbs, vacation hot-spots and remote locations.
I’ve heard consistently from colleagues that some of Seattle’s best vacation destinations are seeing a tremendous increase in activity. This can be explained very simply. Home buyers are not limited anymore by the traditional office commute. This has opened the door for them to live anywhere. As long as it has wi-fi of course!
Desire for a Home Office
The lockdown from Coronavirus and the subsequent work from home (WFH) lifestyle that was created is here to stay. Many of the biggest companies in the world are now looking at how effective their employees can be while working from home. Companies like Twitter have already announced that their employees can work from home indefinitely. This is a big story for the real estate market moving forward. Developers and homebuilders will be scrambling to accommodate the work from home lifestyle.
The desire for a home office has also really hurt the condo market. For now, if you have 2 adults working from home, it makes it difficult sharing the same office space. Imagine taking a zoom call next to your spouse or significant other. I suspect that even after the vaccine, the work from home culture is here to stay.
As I mentioned before, being stuck at home for much longer than everyone is use too, has created a sense of urgency to “upgrade” your current residence. It forces you to consider what your home doesn’t have versus what it does have. Once of the perks of moving to the suburbs is having a larger lot. This allows for more backyard space, a firepit, a pool and more. I’ve been seeing a lot of demand for this. In addition to have a larger backyard, I’ve also heard a strong desire for a yard that would accommodate a home garden. This is a trend to keep your eye on.
Home automation and technology is another trend that we see really taking off. Homebuilders are focusing on “smart homes”. This includes everything from the video doorbell to the smart kitchen appliances. I’m seeing automation for lighting, the kitchen, the bedroom and especially in audio. Sonos, Amazon, Apple and others are helping driving a home into the smart home category. This is in high demand. If buyers are going to move to the burbs and spending their working days at home, they are demanding more technology to help automate their experience at home.
A personal note:
I recently moved my family to a new home. Stay tuned to the youtube channel to learn why! Thanks for reading.