It has been a little over one year since the fight with the pandemic is going on worldwide. With stimulus packages and rapid vaccination drives, there is a sense of relief. However, it has massively impacted multiple areas of human lives, right from the shift to work-from-home culture to lifestyle choices to the way people invest in properties. The virus outbreak has left a deep mark on offices, rental properties, outdoor spaces, and homes, making everyone wonder what the real estate will look like once the coronavirus scare ends. Here is a quick glimpse into distinct possibilities to help you stay posted with future trends.
Real Estate Trends to Follow After COVID-19 By Benjamin Gordon Cambridge Capital
While home offices may not be so much in demand after the pandemic, people would still want their homes to play multiple roles. For example, some homeowners may decide to exercise at home than visiting a gym for safety reasons. As a result, home fitness equipment can sell more, and home gyms or fitness studios can become a standard feature. Plus, there can be growing interest in recreational spaces, such as liquor corners, minibars, and fun rooms. Since all these offer indoor entertainment reducing the need for contact with the outside world, you can expect these to happen.
Outdoor expansion plans
Lockdowns and quarantine rules compelled people to spend most of their time at home. Such situations have sparked a need for the expansion of outdoor spaces. After the pandemic, the regular activities will return outside the home. However, this trend might also continue, as per Benjamin Gordon Cambridge Capital. The reason behind this can be the development of a new habit of staying at home and enjoying time. Even after jabbing, some people may still want to remain cooped up for a while due to fear.
The impact of this can be visible on how people rent or buy properties. They can be more willing to spend on outdoor features like pools, gazebos, and cabanas. These places allow them to chill out without leaving the safety of their homes.
The year 2020 almost clamped down traveling. 2021 also does not indicate sudden improvement in this. People are still wary of visiting public spaces, including hotels and bed-and-breakfast accommodations. That is why many are considering a second home, so they can travel safely with family and friends. Some may wonder whether this will continue once the coronavirus fear goes away. Experts believe it will, for the simple cause, that Airbnb and other lodging facilities will become enormously profitable with improvement in travel after vaccination. The property owners and investors would be ready to milk money through rental income.
Everyone was already discussing the need to expand technology’s footprint across industries and human lives. While the process was steady but slow, coronavirus emergency hastened its role. Real estate agents also had to adopt creative marketing strategies to get buyers in the pandemic. It led to the widespread use of virtual open houses, online home inspections, and remote closings. While it can continue even after the pandemic, you can still expect physical open houses and in-person viewings to make a comeback. After all, homebuyers cannot get a real sense of surroundings and other critical factors without being there on the site.
Adapting to COVID-led changes in the housing market is necessary if you desire to have a bright future. So, keep updating your knowledge about the housing market to strengthen your investments.