As a direct result of COVID-19, homeowners are rethinking where they want to live.
Once drawn to cities in droves, stay at home orders are driving Americans to look toward their own homes as a space to work/live/play, resulting in a lifestyle that requires more room than most urban properties can provide.
Today’s ideal home no longer includes the mainstays of close-quarters city living: shared walls with public hallways and gathering spaces where people—and germs—can co-mingle and spread. Open floorplans, too, seem to be fading out in favor of walls and doors that delineate destination spaces within the home.
Now that families are working, learning, living, and seeking entertainment within their own walls, there needs to be some division of rooms to keep family members from encroaching on each other’s personal space. Imagine trying to conduct a conference call in your home office while your teens watch 300 in surround sound just outside the door.
Instead, the ideal post-COVID property should have a layout that can accommodate recreation activities like a swimming pool and a large, open yard for lawn games or planting a garden. It must also provide private indoor spaces: at least one functional home office, a comfortable living room or den (or both), space for a home gym, and a media room large enough for a home theater or game table, as well as private bedrooms that are set apart from play spaces where residents can retreat from the ruckus when they need to unwind or finish homework.
Move.com reports that views of suburban and rural properties were double that of urban properties; the former averaging a 14% increase in views, while the latter only drew in 7%. And, surprisingly, the luxury market is beating all residential markets in growth and views with second homes within driving distance of the primary home seeming to be a top priority.
“The COVID-19 pandemic has reinforced the resilience of the housing market and unlike prior downturns, the luxury market is leading the recovery,” said realtor.com’s chief economist, Danielle Hale. “Stay at home orders and social distancing have put a new value on the extra space. We’re seeing this in the luxury market as well, which could mean there is renewed interest from high-end buyers to find a second-home that is within driving distance from their primary residence.”
The Bottom Line
Now is a great time to sell suburban and rural real estate because the availability of listings is at an all-time low while buyers are more active than ever. These are exactly the kind of market conditions that can result in multiple offers and fierce bidding wars. Silicon Valley’s remote-working tech elite want to escape the city in favor of suburban and rural spaces, making Aromas an ideal hot spot for residential sales.
If you’re ready to sell your house this summer, let’s connect today. Buyers are interested and they may be looking for a home just like yours.