2020 may go down as one of the strangest – some might even say one of the worst – years in a generation. Between a pandemic and a high-stakes presidential election, the word that best describes 2020 is uncertainty. Many potential homebuyers embrace the adage ‘out with the old, in with the new,’ as a home purchase tops their lists for beginning a fresh, positive chapter. So, let’s take a look at some of the top consumer trends we see in real estate as we end 2020.
More indoor space
Starting with the most apparent consumer trend in real estate, today’s buyers are overwhelmingly looking for spacious properties. And according to HomeLight’s third-quarter survey, top agents across the country report relocation for increased space as one of the leading factors driving buyers to the market.
Indeed, the increase in flexible workspaces and remote work opportunities has driven the need for home offices and, in turn, homes with additional space to outfit a home office. Families with school-age children are also looking for more space, as virtual schooling has kept kids at home. Some households have the entire family at home, working remotely and taking virtual classes, creating a need for more private workspaces. Space tops the list of real estate trends as we close out the year.
Attractive outdoor amenities
With traditional, enclosed entertainment venues closed across the country, many people have rediscovered their love for the outdoors. In 2020, cabin fever became a reality for many across the nation – and the globe – forcing people to get creative with what they do in their free time.
Increased outdoor living has fueled the demand for homes with attractive outdoor spaces. Outdoor kitchens, gym areas, patio spaces have an added attraction now that many Americans have brought their work home. The need to escape home workspaces is a driving factor, in addition to having entertainment options in the safety of one’s home.
If you’re a seller reading this and don’t have an attractive outdoor space, don’t despair. Homes near green spaces and parks are also in-demand as people look to have recreation areas at their fingertips, or at least within walking distance.
With the pandemic pushing more people to actively think about their health, the demand for eco-conscious and thoughtful home design is increasing. Buyers seek spaces that are thoughtfully constructed and designed, reducing their carbon footprint and contributing to an overall healthy lifestyle.
With green design comes energy-saving features, so homes with geothermal heating and cooling, solar electric, and smart home systems are in-demand.
You’d be surprised how many people use part-time real estate agents to conduct their transactions. And while there’s not necessarily anything wrong with using a part-time agent, the reality is that those agents don’t have as many transactions under their belts. Area buyers are looking for top San Francisco agents to help them in their home search and purchase. Experienced agents are discriminating and are excellent advisors in the homebuying process.
Overall, none of the real estate trends we’re seeing are surprising. Home buying habits often mirror or respond to the economic climate, and the year-end buying trends are no exception. It’s still a fantastic time to buy as low-interest rates remain steady!
For more information, contact: Anthony Navarro DRE #01491847 at 415-305-3291 or [email protected]