The COVID-19 pandemic has brought on many challenges in how we live, work, communicate, and more. With this said, we have certainly seen some common trends taking shape in the real estate market as well. With the push for more social distancing, we initially saw many Americans fleeing multi-family units in big cities. Instead, these big city residents were pouring into the suburbs where they could find bigger homes with more outdoor space to enjoy. After all, the typical home has now become more multi-functional. Whether it is a home office, virtual schooling, or even a home gym, the home is now central to many other aspects of life.
This strong preference for larger homes with more space and privacy is a stark contrast to what has been the trend in the market prior to the start of the pandemic. We discuss some recent findings below.
Preferences are changing
As recently as 2019, most Americans desired smaller homes in large part due to reducing their carbon footprint. In addition, it was important for these smaller homes to be close to schools, stores, and restaurants. For many of these Americans surveyed, they were in search of these places being within walking distance. Then the pandemic began. Below are some recent trends being seen during the pandemic:
- 60% of U.S. adults say they would prefer a community with larger homes that had a greater distance to retail stores and schools (up from 53% in September 2019)
- 39% of U.S. adults say they would prefer homes that are smaller and closer together, providing schools, stores and restaurants are within walking distance (down from 47% in September 2019)
Summary
Time will tell if these trends towards larger homes in the suburbs will continue moving forward. As more companies adopt a work-from-home model or a hybrid model consisting of both remote and in-office work, it is likely that these trends will continue. For homeowners that may be considering listing their homes for sale in the near future, it is strongly recommended that multi-use rooms are showcased in marketing efforts. Whether it is a spare bedroom that is also equipped to serve as an office or a fitness room, these features continue to appeal to more home buyers. A little creativity can go far in marketing your property in this real estate market. At Live South Florida Realty, Inc. we have friendly and knowledgeable real estate agents that can assist you in effectively marketing your property.
At Live South Florida Realty, Inc. we have assisted many clients build their real estate investment portfolios. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!
