The COVID-19 pandemic is dramatically reshaping the world of real estate and how we view our homes
The COVID-19 pandemic has been unprecedented in its effect on our society. From job upheaval to social distancing measures to the impact on societal norms (who's itching to take in a concert at one of Nashville's celebrated musical venues?), we are indeed in uncharted territory. One of the pandemic's most significant side effects is how we look at our homes.
No longer a simple retreat after a long day at work or school, they've become all-purpose sanctuaries where we live, work, learn, and play. It's given rise to many homeowners reconsidering the shortcomings of their current home and active homebuyers reevaluating what they want in a future residence.
With those evolving wants and needs top of mind, let's take a look at three post-COVID real estate predictions and what's really important in a home at the moment.
1. More Room to Roam
In recent years, the trend in homeownership pointed towards downsizing one's housing needs. Less "stuff," more flexibility, and convenient location were hallmarks of many home searches. The pandemic, however, reprioritized those needs. Now, with many people working from home—and the transition oftentimes becoming permanent—living close to the office is less important.
Large lots, multigenerational homes, and more remote, suburban locales are all en vogue as homebuyers adjust to the new norms created by the pandemic. People are reassessing what truly matters in a house. Those new accommodations are demanding more interior room and expansive outdoor areas.
2. Dedicated Spaces
Although open floorplans remain popular, more time at home surrounded by family increases the need for personal space. For many current homeowners, the pandemic illuminated their home's lack of dedicated spots to think or decompress. Whether it's an enclosed office for work or school, a separate playroom for young children, a place for workout equipment, or genuine indoor-outdoor living areas, rooms with a specific purpose or the ability to serve multiple functions are lacking in many homes.
With families spending more hours together, the importance of having a place to get away for work or study or a little "me" time has risen dramatically. Homes with dedicated rooms or areas that can pull double and triple duty (a den with french doors, for example) will be in high demand for the foreseeable future.
3. Changing Priorities and Convenience
The coronavirus exposed many of society's fragilities and reset what many homeowners believe to be necessities. Smart technology was already on the rise in homes, but more time spent there has increased the need for automation, home security, faster internet, and greater energy efficiency.
But it's also highlighted the need for some low-tech enhancements. Remember the great toilet paper rush at the outset of the pandemic? Bidets are now a popular home improvement, moving from a luxury item to a lifesaving add-on. With the uptick in online ordering, people are also enhancing their package acceptance setups to improve security and deter thieves.
And, considering more and more homeowners are buying in bulk, there's a higher premium on storage space—for large deep freezers, climate-controlled storage closets, or simply more cabinet space in kitchens, bathrooms, and garages.
Ready to make a move to Music City and need help making sense of the Nashville real estate scene? Contact Denise Cummins, and her team of relocation experts to help you navigate the ins and outs of what makes Nashville such a great city to call home.