As we look back over the past year, we have certainly lived through one of the most stressful periods in modern history. After spending so much more time at home throughout the pandemic it’s no surprise that the needs of homeowners are changing.
The pandemic has become the biggest motivating factor causing real estate to transact that we have ever seen in our careers. It has caused all of your clients to re-evaluate where they want to live, what features they need in a house and helped them determine their “why” for what they need in their house.
What used to be a place to return to after a long day now serves multiple purposes to people all day, every day. The home now serves as an office, school, restaurant, gym, playroom and for some as an escape from the stress of the outside world.
We are seeing more people leaving the cities. As telecommuting and remote work are increasing among industries many realized they no longer need to live near their work.
The increase in remote work has caused a fluctuation of people not only leaving the city but moving to another state. A recent client we helped purchase a home moved from California to Utah to be closer to their family now that their employer allows them to work remotely.
We have also seen an increase in home improvement and remodeling projects. Research has found that 70% of American homeowners completed a home improvement project since the start of the pandemic.
The most popular upgrades are a backyard makeover, addition of a home office, home gym, or entertainment space such as a deck or patio, swimming pool, or theater room. People are needing to make their house functional for daily life, but also a means of escape since traveling and other avenues of relaxation have been put on hold.
We predict these changes in homeowner needs will last long after the pandemic is over with many people realizing the importance of having a space that is not only comfortable but also functional.
As we look beyond the trials of the pandemic, many are hoping for a new beginning, and for some that could mean moving.
If the pandemic has changed your needs or if you are looking to tap into your equity to finish a home improvement project of your own, reach out. We can help evaluate your current situation and create a plan to get you into the home that is perfect for your needs.