Housing Needs Are Changing Due To Covid-19
After months of modified provisions and mandates, it’s obvious the coronavirus pandemic has had a remarkable impact on nearly every aspect of our day-to-day routines. It has affected going work and school, travel, how we socialize, and more.
When it comes to housing, potential homeowners appear to be altering their priorities in choosing a new home as a result of their “new normal.”
The latest survey by HomeLight, who surveys approximately 2,000 real estate agents every quarter, shows that housing preferences have shifted amid the COVID-19 pandemic.
Taking front and center for buyer demands is now the home office. As remote work grows more common, and possibly permanent, buyers are looking for formal office space and a comfortable work environment. Anyone investing in building a home office, (average cost around $12,000), can feel confident because the survey shows it also yields a significant return on investment when compared to other home projects.
Following office space, buyers are also keeping an eye out for a less dense location. City residents who may have costly mortgages but less square footage are seeking more space and security. Many Americans are pondering a move to quieter areas where they can buy larger properties with more privacy.
A private and spacious outdoor living area has also moved up in the list of buyer demands. Comfortable and open yard spaces allow us to get some fresh air and bask in sunlight without leaving home. No matter the size of the property, buyers are looking for outdoor space to enjoy a much-needed mental break, especially during stay-home or safer-at-home orders. Even a small balcony in a condo or townhome can be a huge advantage.
Kitchens are still the heart of the home and well-appointed kitchens have become even more in demand. With our ability to go out to eat at restaurants and limited takeout options, we are becoming more accustomed to being in the kitchen. Therefore, future homeowners are showing even more interest in kitchens that are spacious enough for the family to cook and hang out together.
Despite Covid-19, the Colorado Springs real estate market remains strong as buyers are still out in full force. Reports show that monthly sales numbers for June 2020 were nearly the same as this time last year.
In fact, Colorado Springs was recently ranked the hottest real estate market in the nation by Realtor.com, for the third month in a row, (making it the fourth time overall). The ranking is based on where buyers are clicking on the most home listings on Realtor.com and where homes are selling the fastest, with the least number of days on the market.
In April 2020, homes listed for sale in Colorado Springs sold in less than 32 days, on average – 31 days faster than the national average for the same time period. Additionally, Springs properties collected twice as many views as the average property around the country.
During such extraordinary times, it’s more important than ever to work with a trusted real estate professional. The agents at The Platinum Group, Realtors have spent time growing and refining their knowledge, and are ready to share their expertise, knowledge on market conditions, and skilled negotiation techniques.
With access to a whole suite of tech tools that help navigate the home buying or selling process –contact-free, The Platinum Group will help you move through the transaction with virtual showing tools, online application tools, and a sophisticated searching capacity.
For a no-obligation consultation, call today: (719) 536-4478 or visit PlatinumHomesSales.com.