Due to the pandemic, we’ve become hyper-aware of the impact our homes can have on the quality of our lives. Lockdown protocols forced most people to stay within the confines of their four walls for the better part of a year, which ended up highlighting both the best and the worst of our surroundings. The pandemic affected not only our physical health but also had repercussions mentally. These adverse effects influenced the market’s behavior, especially in the real estate industry.
Overpopulated cities that once housed cutthroat business districts saw people moving away and choosing more sub-urban properties. The dense population in major metropolitan areas slowly started to dwindle as we sought larger spaces with outdoor areas. During a particularly difficult time financially, larger spaces in the city saw prices skyrocket.
Businesses also saw significant hits to their bottom lines, and many were even forced to shut down completely. Technological integration is one of the critical factors that contributed to companies navigating the pandemic successfully.
This was also the case for some changes in the real estate industry, wherein they also adapted to continue operations amid lockdowns and today in the new normal. As the long-term effects of the pandemic continue to unfold, it looks like there are changes that are here to stay.
Avoiding the crowds
Bustling cities provided their residents with excellent career opportunities, rich culture, and many other benefits that justified paying so much for so little space. Major players in almost every industry had their headquarters in major cities. Business districts offered companies the highest quality workforce, all condensed into nearby locations. However, as the pandemic continued to keep us trapped indoors, more and more people started moving away from these great cities. They thus ended up pursuing more spacious and less populated areas closer to the suburbs.
A significant factor for the move was being trapped in a bigger space wouldn’t feel as suffocating, but it certainly also had something to do with the population. Densely populated cities brought heightened feelings of anxiety when going on simple grocery trips or coffee runs.
Tight streets and public transportation made proper health and safety protocols harder to follow than in less urban areas. Working from home continues to be the method of choice most companies have chosen to operate with during the new normal; with fewer and fewer factors driving people back into cities, it looks like the suburbs will continue to gain popularity.
Outdoor space
Bigger homes with more open spaces are also more likely to have outdoor areas available with them. Being cooped up for so long has made people long for the great outdoors, even if it’s just in the form of a yard or patio. The lockdowns brought out the green thumb in many people, with gardening and indoor houseplants being quite popular in the new normal.
Socialization in open spaces also feels less stressful and intimidating than going back to meeting at crowded restaurants. While the bubble of people you interact with continues to expand as the world opens up, open spaces are a great place to entertain.
Vacation homes
One step further away from suburban living are the continued popularity of vacation homes that aren’t just for vacations but for use all year round. Beachfront houses or homes closer to the shorelines have always been quite popular, but it’s even more so now. Despite the price tags that they come with, people were willing to shell out the funds needed to make living through this new normal more comfortable.
Farmhouses have also been quite popular before the pandemic, but as people yearn to reconnect with nature, even city folk are considering pursuing farm properties. These properties also bring a unique set of business opportunities with them, especially moving to a farm. The fresh air, seclusion, and serenity offered by living in these areas have even triggered buyers to take out lines of credit and agricultural loans to make their pandemic dreams come true.
Doing your due diligence before making any drastic moves in the real estate landscape is still the best way to ensure success. In times like these, things can change at the drop of a hat, and it’s important to study data you can trust and go into a market wherein you possess a clear understanding. Technology plays a large part in how real estate continues to do business with virtual tours, online listings, and a plethora of information available online. It seems the market bounces back stronger than ever.
