As the housing market remains red hot, COVID-19 continues to influence people’s buying choices a year-and-a-half into the pandemic. Several of the trends we saw earlier in the pandemic look like they’re here to stay—at least for the foreseeable future. And a couple new ones are appearing as house hunters emerge from months of lockdowns in an ultra-competitive buying environment.
After being stuck at home for months on end, separated from extended family, home buyers are thinking about how they might be able to accommodate those family members in their new homes. According to a Realtor.com survey, 65% of respondents said their extended family was a factor in their shopping decision, and 30% said that the house they buy needs to have enough room, so extended family can either live with them part-time or visit.
House hunters aren’t just looking for more room for the people in their lives, they want extra space for their pets too. According to a Rover.com survey, nearly half of Americans got a dog during the pandemic, and homeowners wants their furry family members to be comfortable too. Searches for “pet friendly” have increased significantly, according to realtor.com.
Large backyards, outdoor living spaces and home offices remain at the top of house hunters’ wish lists, as they have throughout the pandemic. But home buyers may be willing to compromise on other features of the house. Realtor.com’s survey showed that searches for “remodeled” homes are down 88% in the last year, reflecting current market trends of increased demand, low inventory and rising sale prices.
Commuting time is also less important for potential home buyers, likely because the shift to remote work is expected to continue (at least to some extent) for many people, even after the pandemic ends.
Whether your top home-buying priorities align with those in the Realtor.com survey or you’re looking for something different, we can help you get the financing you need to buy the home of your dreams. Give us a call today to learn more from one of our Licensed Mortgage Professionals.