Coronavirus made consumers reassess the factors that make up the “perfect home”. Locations and layouts of their existing homes were taken into consideration. The appeal of a more congested city life appears to be giving way to either suburban or less congested rural life. The interest with an open floor plan faded as people needed more privacy while working from home.
A recent report from news.com showed that buyers are now leaning heavily for more listings of suburban and rural properties.
Here are the year-over-year percentage increases in views per property type:
- Urban – 7%
- Suburban – 13%
- Rural – 16%
Realtor.com’s Director of Economic Research said that the migration to the suburbs is not a new trend but it became more prominent. After several months of staying home, the urge to have more space, and the probability for more people to work from home are factors contributing to this.
Realtor Magazine also reported that the desire to move is strongest in our city markets.
The pandemic also altered how consumers think about floor plans that is
The pandemic also altered how consumers think about floor plans that is why builders are anticipating changes in how future homes will look like. Zillow explained in a recent press release that:
- Builders believe as people spend more time at home during the pandemic, buyers are realizing which features of their homes are working and not working.
- Homebuilders predict open-concept floor plans will be a thing of the past, as people now value more walls, doors, and overall privacy.
- New construction, which offers the chance to personalize home features, saw its listing page views grow by 73% over last May.
The pandemic is impacting the luxury market too. Realtor.com’s Chief Economist previously reported that stay at home and social distancing orders made ‘extra space’ even more relevant. This leads high-end buyers to find a second home that is within driving distance from their primary residence.
It seems that a percentage of people are preparing to leave many American cities. These moves may be permanent, while others may be temporary. In either case, many consumers are on the move and Real Estate Professionals are always ready to help.
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