How COVID Impacted Demand for Single Family Homes
COVID changed our world and our lives in so many ways. We’re still reeling from all the shifts and changes are that we will be for quite some time.
In the real estate world we saw patterns shatter, mass exoduses and mass influxes all across the country. But change doesn’t have to be a bad thing. In terms of housing and lifestyle, lots of people realized where they want to be and where they don’t want to be. One of the most interesting trends that we saw, and are continuing to see, is a high demand for single family homes.
Ch-ch-changes
One of the primary factors in all this change is remote work. As so many offices went remote, people were able to take inventory of their location, their housing situation and the lifestyle they desire. If people can work from anywhere then it stopped making sense for many residents to pay exorbitant rent or mortgages in densely populated cities. The country’s population is moving to the South and the West. And Florida has become a hot spot for those escaping crowded cities, particularly in the Northeast.
More Space!
The domino effect of COVID-19’s workforce going remote took people out of the crowded apartment or condo mind state and sent them looking for space, privacy and a healthier lifestyle. Thus, the single family home has become the most desired type of real estate. Being in lockdown opened many people’s eyes to the need for space, space and more space.
In fact, COVID-19 has shifted our entire viewpoint on what home is and what we need from our dwelling spaces. People want their home to feel like a haven, a fortress, a safe space in a world where a pandemic has shattered our preconceived notions about what is possible.
High demand, low supply, low mortgage rates
The future of real estate could be driven by the demand for single family homes. The National Association of Realtors (NAR) reported huge surges in home sales and single family homes in particular have seen the biggest jump they’ve seen in years.
With historically low mortgage rates, single family homes are more viable than they’ve ever been for many people. In particular, millennials, who represent the largest percentage of the housing market, are seeking single family homes to start raising families and redefining what home means post-pandemic.
But one of the problems (or a positive if you’re a seller) is that single family home inventory is the lowest it’s been in years, especially in Florida. New construction is struggling to keep up with demand and single family homes on the market are sold in days with many bids over asking price. This makes it tough for buyers, while sellers are having great success.
Selling a single family home in the Miami-Dade area? We offer free market analysis tool that can tell you what your home is worth.
If you’re looking to buy in the area, we’re here for you too. It might be a competitive market but it’s also a great time to invest in a single family home. Reach out today and we’ll help you find your dream home.
