Who is looking for homes in 2020? According to a new report from listing site Point2, 55% of home shoppers are women ages 25 to 34 and 55 to 64 who are looking for more space and outdoor features — and they are willing to pay more to get it.
So, what kind of features are in demand in a post-COVID-19 world? Let’s take a look!
Many people are continuing to work from home and while it originally started as temporary, we are beginning to see a larger shift towards working remote permanently. According to U.S. Census data, more than 13 million Americans work from home and this trend is continuing. It can be hard to focus on work while at home with kids running by and the pile of dirty dishes staring back at you. Having a home office provides a dedicated quiet space for work without any distractions.
Downstairs Bedroom and Full Bath
Having at least one bedroom and full bath downstairs increases the amount of appeal to various buyers as it can be used for various purposes. Some may be looking to use the bedroom as a dedicated office as we discussed above, while others have parents or family members looking to live with them that may find stairs difficult to navigate. With so many schools turning to remote learning, this space may also be used a study or workplace for kids.
Private Outdoor Living Space
Spending so much time at home has placed an increase importance on privacy and outdoor space. Buyers want an outdoor living space that feels as if it is an extension of the home. They want to enjoy the fresh air, play, and entertain guests once things return to normal. Although many backyard upgrades can be costly, they often have a great return on investment and can be a key selling point of the home. Who wouldn’t want to escape to a backyard oasis?!
Sixteen percent of Americans are fleeing densely populated cities and are retreating to the suburbs and other less densely populated areas. By choosing to live in a less densely populated area, buyers feel a little safer from contracting the coronavirus, as it’s much easier to social distance when you’re not in the middle of a huge crowd like you would be in the city.
People are also choosing the suburbs because it’s a different way of life. It’s a lot more relaxed and easy going, something many of us are in dire need of considering the current state of things.
Some features will always be in demand
The features mentioned above have appealing aspects that will keep them in demand far in to the future. Many other features that were popular before COVID-19 will continue to grab the interest of buyers such as open floorplans and updated kitchens and baths. As we mentioned at the beginning, the 2020 housing market is being fueled by a young crowd. For many, the cash funds allocated for the home are going toward the down payment and furnishings, not necessarily for repairs and remodeling.
If you are thinking about purchasing a home or are wondering what updates you should consider making to prepare your home to sell, contact Arrive Real Estate Group today. We are happy to provide you with a free consultation and market analysis customized just for you!