Will Coronavirus Change What We Shop for in Houses?

Amber RandhawaReal Estate Trends

Not surprisingly, the Coronavirus and shelter-in-place orders have left some prospective home sellers and buyers playing a waiting game, unwilling to jump into the market until a sense of normalcy returns. There are still houses on the market though, and while there may be fewer people looking to make a large move or life change, other people are looking to capitalize on lower interest rates and desires to change location. But are the things buyers are looking for changing due to current conditions? The answer is yes.


Location, Location, Location!

Where a new home is located has always been one of the biggest factors a buyer looks to when deciding where to live. Recent health concerns have altered what some buyers are looking for when it comes to location. Smaller cities and even rural areas are increasing in popularity at the expense of more urban city centers. This change makes sense – social distancing is easier if there are fewer people around to fill up parks, stores and restaurants. The concern that city hospitals and medical offices will fill up faster due to an influx of people with Coronavirus or other illnesses is also cited as a reason for moving out of the city and into a less populated area.

Dedicated Work Space

In March, American workers went home in droves, many to makeshift home offices and work spaces that scarcely resemble the corporate surroundings they were used to. As home buyers move forward in their searches, many are now keenly aware of the need for a dedicated workspace in their homes, and offices are now topping many lists of buyer “must haves.” Some of the workers who have moved to remote work won’t be returning to a brick & mortar workplace at all, or will be going into the office only part time. A continued need for an office at home will become more necessary for these workers.

Wide Open Spaces

A small, low maintenance yard may have seemed like a great idea a year ago, but after being stuck at home for a couple of months, many people are starting to feel closed in, and are longing for a large yard to run around in, especially if they have kids or pets. Local parks and playgrounds are no longer open in many places, and with even schools closed, children are losing access to several of their ways to get physical activity. A larger yard is tops on many buyers lists now that they have lived the quarantine life without one.

Proximity to Family

Generation X began a trend that had not been seen before in US history – actively planning to move farther and farther away from family and hometowns. While this may have more to do with access to higher education and well-paying jobs than a simple desire to leave the comforts of home, the trend has continued to rise throughout the adult years of Generation X. We are now seeing a slingshot effect with the next generation, whereby millennials are seeking to purchase homes closer to family, and not simply wherever the job market is the strongest.

As spring fades into summer, we will likely see an uptick in the market, both due to concerns over the Coronavirus gradually decreasing, and the natural spike we see in the housing market during the warmer months. As the summer wears on we will no doubt see additional changes in what buyers are looking for and what sellers are highlighting in their listings.


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