The pandemic transformed the way we live in countless ways. But one sector particularly affected by its drastic effects is real estate. For most of 2020, the future of the industry was up in the air.
With the world slowly but surely finding its way back into a normal rhythm, real estate remains changed by the impact of COVID-19. The preferences of consumers are facing a significant evolution, and companies must adapt to catch up. Here is how we think real estate will look in a post-pandemic setting.
Emphasis on Green, Well-ventilated Spaces
The many months spent indoors due to enforced lockdowns brought many families to a state of “pandemic fatigue.” Houses that incorporate green and blue spaces will grow in popularity in response to this. Families will be more inclined to live in a home that bridges the outdoors to the inside.
Along with greener areas, consumers are also likely to see if a home has good ventilation, which extends the refreshing outdoor mood into the house. If you are planning to rent out or sell your home, invest in high-quality heating, ventilation, and air conditioning, and employ good air duct cleaning services to maintain it.
The pandemic has made homeowners all the more conscious about how conducive to physical and mental health their homes are. Highlight these features when you market a property this year.
A Flexible, Multi-use Home
COVID-19 has caused many residents to create space in the home for their usual outside activities. For example, the pandemic accelerated the shift to online shopping and remote work.
This remains apparent now that many businesses are looking at hybrid work, or a rotation of working from home and in the office, as a long-term setup. Hybrid arrangements will make home offices a must in a residence.
Consumers are looking to turn their homes into a place that not only allows for work but also makes space for leisurely pursuits. So aside from office spaces, ample room for workouts and well-decorated backgrounds for video meetings will also gain popularity.
Closed floor plans are the most practical format for clear divisions between areas and to promote privacy and safety in the home. Open space concepts will stay popular, however, but will find more focus on functionality.
Suburbs over the City
The unique needs posed by COVID-19 has made consumers seek out homes in areas that are quieter, less densely populated, and have more greenery. Realtor.com reports that there has been a growth of 56.4% in online home shoppers looking at suburban homes. On the other hand, urban homes only saw a growth of 43.6%.
The impact of the pandemic on buying power has also made consumers prioritize affordability in housing. This leads them away from expensive, big city living and into the quiet neighborhoods of suburban areas and smaller cities. Notably, urbanites moving to the suburbs prefer locations that still allow them to have access to amenities available in urban areas.
Virtual Ocular Visits
Home buyers are more concerned for their safety than they have ever been. Interested parties will prefer an online meeting and tour of a property before going for a physical visit.
It is high time, then, for real estate companies to invest in virtual reality and augmented reality technologies that will replicate the experience of an actual visit. These virtual home tours will be more convenient for both the buyer and seller. How? Buyers get to check every nook and cranny of a house, while sellers save time jumping from one property location to another just to meet clients.
Rental Properties Remain Popular
Even in the middle of the pandemic, rental homes were the preferred choice for vacationers compared to hotels. This is understandable, as homes that are empty for a longer amount of time are preferable for safety reasons. They also usually allow more distance from other people.
With people easing back into out-of-town vacations as life after COVID-19 nears, rental properties are likely to remain the preferred accommodation because sanitation and safety are concerns that will remain top of mind for vacationers even after the pandemic.
For long-term residences, renting also seems the more feasible option. Professionals are still working towards better stability in their jobs as the post-pandemic transition occurs. This means that in the meantime, renting is the most practical choice.
The constant evolution of the world situation and buyer preferences can be a headache to manage. On the flip side, people are still renting and buying properties today. The primary role of the real estate industry is to keep helping people find homes where they are assured of their comfort and safety.