Buyer Preferences

HOW COVID-19 CHANGED BUYER PREFERENCES

For the past few years there has been a growing trend of downsizing and small living quarters. We have seen Americans across the country moving from large suburban houses to smaller urban neighborhoods. Tiny Homes took the world by storm. Then the pandemic happened. Those highly sought after small homes suddenly felt a whole lot smaller. 

We all got stuck at home. Regardless of how big or small our space was, we had to make it work. For some of us we quarantined with family members, which really put personal space on the back burner. Small living spaces could not accommodate both working from home and living at home. 

The large homes with acres of land that had been sitting on the market have become more and more popular due to COVID-19. Families are realizing that space is a necessity and as we move into our “new normal” many are abandoning their small homes. An added factor on the desire for larger homes is that mortgage rates are at an all time low. For some people moving was a distant thought, but now it is becoming more achievable. 

Before the coronavirus hit, the average size of an existing home purchased was 2,060 square feet, according to the National Association of Realtors. It is believed that buyers are going to want anywhere from 500 to 1,000 square feet more on top of that now. 

For those that are desiring more space but want to stay where they are, home renovations are becoming more popular. That unfinished basement is the perfect spot to create an at home gym or set up an office where you can have quiet space from the rest of the family. Additions are becoming more and more frequent this summer. 

COVID-19 has affected many different aspects of life. The housing market is definitely changing. If you are in need of a larger space and want to make the move, we are happy to help!

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