Many of us thought that like the rest of the economy, housing and real estate would experience some sort of lull (or possibly even crash) in response to COVID and its ensuing restrictions. Here we are now, more than a year later and no such thing took place. In fact, there was barely a hiccup.
Real estate, especially in Denver Metro, is booming and even that might be an understatement. We instead have put a higher priority and funneled much of the economy’s money and energy towards homeownership and home improvement.
Here are four intriguing home shopping trends from realtor.com that we are seeing in this “new normal.” Homeownership may never be the same.
1. We are loving life in the burbs.
It’s been a long-standing trend that as people age they tend to trade city-life for suburban-life, usually because their priorities shift. The late nights at the bars begin to lose their appeal and focus generally turns to school districts and proximity to parks. But, when COVID shut down many of those bars and other social places we enjoy in the city and the CDC recommended we distance ourselves, all of our priorities shifted almost immediately, regardless of age. We needed open air, more space, and less people…kind of suburbia in a nutshell.
On top of that owning your home became a high priority sending home prices across the board surging. Therefore, affordability has become another reason many have looked to the burbs to answer their newfound prayers.
Another draw to the city has always been the absence of a commute. Cities have always grown around business, but with businesses having gone remote and hinting that they might stay that way, where you live doesn’t have to depend on where you work. The options now are endless.
2. Homes have to work harder.
No one expected what has transpired over the last year. Figuring out how to work, learn, play, exercise, and relax all in one place has been quite the adjustment. It has brought the shortcomings of our homes to the forefront. We now understand how important it is that our homes have the capability to support all that life could throw our way, and we aren’t letting our homes off the hook any longer.
The new homebuyer will have high expectations and it will be on sellers to bring their home up to par. Home offices, home gyms, and outdoor areas will become expectations rather than bonuses. More space, more function, and more efficiency will be the demand. In addition, sanitary measures will also come highly regarded; touchless faucets, lights, and locks are the future.
3. It’s a tech forward process.
We were already beginning to conduct more of the homebuying process online, especially home searches via sites like Redfin and Zillow, but now the shift has been expedited. While before it was only a rare occurrence saved for luxury properties, 3D walk-throughs and video tours litter online listings of all types. Even mortgage pre-approvals, inspections, appraisals, and closings are being done remotely. Because it was forced to, the whole process has been streamlined and charges ahead with increasing efficiency.
4. DIY or bust!
As we demanded more of our homes, we realized we needed to make changes and improvements in many cases. However, hiring contractors and home professionals not only meant inviting more strange germs into your home, but there were few whose schedules weren’t already booked.
So, homeowners looked inward and of course to YouTube for the confidence to tackle some of their home improvement projects on their own. And, now that we are all so handy, there is really no going back. Homeowners can be more self-reliant.
If the pandemic has changed your outlook on homeownership and you want to discuss your options, contact us at Corken + Company. We boast real estate solutions without limits, even when it comes to an international pandemic. Home is where the heart, the hope, the health is.