Like all things, COVID-19 has changed the residential real estate market. The complete stoppage of the market lastly just a short time and buyers and sellers have begun moving forward with plans they had before the pandemic began. Others have decided to speed up plans or change their plans entirely regarding their homes.
The virus has changed a lot for many people and the real estate market is no exception.
What three major changes have occurred in the COVID-19 real estate market?
For years, as the saying goes, kitchens and bathrooms sold homes. Buyers are still interested in functional and aesthetic bathroom and kitchen designs, but there are new COVID-19 must-haves on the list.
Outdoor space is more important than ever and home offices have become one of the single greatest selling points for homes on the market today. It wasn’t that long ago that terms related to outdoor space didn’t even make the top five of most-wanted features in a home. Now at least 80 percent of home searches include it.
Most people also expect that the trend toward working from home will continue well beyond the threat of COVID-19. It’s become the norm and many have realized the necessity of an adequate home workspace.
Home selling was a challenge in the early days of the pandemic. How to approach the sale of your home confused many and some states even issued guidelines regarding home sales.
In some places, showings, inspections, appraisals, and final walk-throughs were by appointment only and were limited to only four participants. Communities banned traditional open houses and showings had strict restrictions regarding who could be where during the event. The trend before COVID-19 was heading toward fewer in-person transactions and now it’s a necessity.
Sellers are using online listings, remote tours, virtual presentations, and electronic execution and delivery of documents to allow for low-risk sales. Closings, previously a time when an in-person meeting was needed for all of those involved in a transaction, have become virtual or at least socially distanced. Title companies are keeping sellers and buyers in separate offices and are making sanitation a priority.
Even after the pandemic passes and it’s no longer a COVID-19 real estate market, experts predict a complete return is unlikely to occur.
This year has forever changed the market and real estate will never be the same. Forbes predicts the real estate market will never be the same. This includes everything from development and design to sales and more. Buyers now place greater importance on health and wellness. This trend likely won’t end after the pandemic. Developers have already begun to focus on purer air and better cleaning protocols. Sellers want to avoid the caravan of people traipsing through their homes when it’s on the market.
Many believe these changes are general improvements worth the effort even when we are not dealing with a health pandemic. They’ll affect the market for years to come.
If you’d like to speak to someone about buying or selling a home during the pandemic or you have legal questions related to real estate, we can help. Contact Frese Whitehead & Anderson, P.A., at 321-984-3300 for more information.
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