How Will Buyer Demands Shift in a Post-Pandemic World?

The real estate industry is no stranger to market ups and downs as well as booms and busts, but after each upturn or recession things always look a little different in the marketplace, at least for a little while.

The current pandemic is no different. COVID-19 has definitely made its mark on real estate, though not in the same way previous recessions have. For example, while the 2008 recession largely stemmed from the foreclosure crisis, today Miami home values are continuing to retain their mortgage value. There’s no denying, however, that the uncertainty surrounding the economic situation has buyers and sellers on edge. But it has also reshaped – or strengthened – our idea of what a home means.

What Buyers May Be Looking for in a Home Following the Pandemic

During the pandemic, our entire worlds have been brought “home.” We are doing more than just eating and sleeping there, we are working from home, we are teaching our kids from home, and we are playing, exercising, and doing recreation activities at home. It is our place of safety and comfort.

As buyers evaluate their concept of what “home” means following the pandemic, they will also be considering their needs from a whole new vantage point. Here are a few things that may factor into their decisions:

• Space for a home office – The pandemic has forced many workers to set up make-shift offices in their homes. While the initial hope was that the arrangement would be temporary, for some this may now be the new normal. Buyers may consider how a home office fits into potential homes they view.
• Outdoor spaces – Finding an escape at home makes “sheltering in place” feel less daunting. Spaces like patios, pools, and other outdoor recreation areas can make it feel like you’re somewhere else without ever leaving home.
• Community – Location has and always will be an important factor in buying a home, but the current crisis has made us even more aware of what it means to live in a community, even if we’ve had to remain isolated. For some, being close to amenities is important, others prefer more space and distance. As buyers consider their needs going forward, they may reconsider exactly what kind of community they’re looking for and how that community makes them feel from a safety and security standpoint.

The people of South Florida are resilient and so too is the real estate market. Despite the new waters we’re navigating, people are still buying and selling homes. If you have questions about the market, don’t hesitate to get in touch with us at Drew Kern Real Estate.