Businesses in almost every industry have faced unique challenges because of COVID-19. Some businesses have even gone out of business because people aren't spending as much money as they used to, be it because they lost their jobs or they're trying to be as frugal as possible.
Yet, there's one industry that continues to persevere. That industry is real estate. Everyone needs a place to live and whether you're downsizing, relocating, or expanding your family. One would think that due to the pandemic, the housing market would suffer, but according to HomeLight's Q3 survey, 77% of the 1,000 real estate agents who participated have shared that it isn't uncommon for sellers to receive multiple offers!
So, what features are buyers looking for?
1. No more open floor plans
For a while, open floor plans were highly desirable because they just flowed nicely and the family could interact with one another with no problem. But since people have been sequestered in their homes for the past seven months, people crave privacy and doors! People want to be able to go into a room and shut the door to get some peace and quiet.
2. Outdoor entertaining and living spaces
Outdoor living spaces are in high demand because people want to be able to get some fresh air at home. They want to be able to have their coffee in the morning and read the newspaper while listening to the birds. They want to be able to have barbecues and entertain when the weather is gorgeous. It doesn't matter if the house has a patio, a deck, or even a balcony, buyers are snatching them up!
3. One or more office spaces
Working (or learning) from home seems to be the new norm and for some, that's a great thing. However, when you have multiple people working from home... It's safe to say that distractions are almost inevitable.
This autumn, buyers are eager to find a home with a dedicated office space - 7% of agents have said they have clients that are looking for more than one office space! They want to be able to hold Zoom meetings or classes without disruptions and they want to be able to focus on their work without distractions.
4. Access to nature
Along with outdoor living spaces, buyers are eager to find properties that are near parks, lakes, beaches, and hiking trails (to name a few). Access to these outdoor recreational places means they can go out, stretch their legs, breathe in the fresh air and try to forget the troubles of the world. Or, you know, just get some exercise.
5. Windows, windows, windows
There's something to be said about how differently you feel when you're surrounded by natural light in comparison to using lights, do you think? When you're watching home improvement shows, you never hear people saying they don't want windows. In fact, it's highly common for people to want a lot of windows so that the home is drenched in natural sunlight.
Also, if you have a lot of windows, you can leave them open during the warmer months to create a nice cross breeze. Not only will it keep the room cooler, but it also keeps the air circulating and reducing the risk of being assaulted by airborne germs - and in light of COVID, the more precautions you can take, the safer you'll be.
