There is no denying that the COVID-19 pandemic changed many aspects of our lives. It changed our perception when it comes to health, how we handle finances, and how we interact with others. It changed consumer’s buying decisions, our priorities, and our way of thinking. Even after the pandemic is over, one can expect many things to never go back to the way things were before. But have you ever considered what real estate trends are likely to affect us?
Some states and countries already started to open up their economies. Because of this, the housing market is starting to bounce back but not without many changes. It does not matter if you consider yourself as a homeowner, homebuyer, property seller, or even a real estate investor. It is worth keeping up with the projected real estate trends so you can make better real estate decisions post-pandemic. Here are some of them.
Increase in demand for certain home improvements
Many started working from home and loved the idea of earning without travel time. According to a report by CNBC, remote work is the legacy of the COVID-19 crisis. Because of this, many anticipate projects like home office renovation to be among the top priorities even after the pandemic.
The demand for new kitchen cabinets is also expected to increase. PRNewswire forecasted the increase in demand will grow up to 4.6% each year. Thanks to the pandemic, more people are lessening their trip to the grocery stores and are now buying foodstuffs in bulk. If you plan on selling your home, want to improve your kitchen, or want to draw the attention of quality tenants into your rental property, consider investing in new kitchen cabinets.
Outdoor space will become an even bigger deal soon. This is since more people are starting to be aware of the importance of outdoor space and amenities. One can expect more people to invest in outdoor living improvements like outdoor kitchens, decks, patios, and backyard gardens.
The rise of homebuyers and real estate investors
The pandemic caused more people to realize just how valuable real estate investing is. Since this is one tangible asset that is hard to recreate, many will want to invest in properties to grow their wealth. But this is not the only thing that will cause the surge of real estate investors and homebuyers.
USA Today published an article recently and said divorce rates will rise after the pandemic. One can say this will attribute to the stress the crisis caused couples. As more splits happen, there will be an increase in demand for more housing since separated couples will not want to stay in a single household with their ex. More people will look for housing for rent and sale, which can help bring the real estate market back on track.
The pandemic has lots of lessons to teach us. As we all wait in vain until the crisis is over, there are things you can add on your to-do list to make the best use of your time. This includes keeping a watchful eye over the real estate trends so you can use this to your advantage once the COVID-19 storm is over.