The coronavirus is fast-forwarding some of the real estate trends that were developing over the last few years. Let’s take a look at the trends that are taking hold are will likely last.
Urban Communities May Become Less Popular
Urban living, with its promise of no commute, close entertainment and shopping, and cultural assets, may not be the draw it once was.
“For city dwellers cooped up in tiny apartments for weeks on end, suburban sprawl suddenly seems a viable alternative,” According to Bankrate’s Jeff Ostrowski, citing how New York City living, with 28,000 people per square mile, has pivoted from an asset to a liability.
Social distancing, which may not disappear any time soon, is challenging when you must share an elevator in a high rise. And the idea of pulling your car into your own driveway may suddenly become as fashionable as it was when tract housing began sprouting up in the late 1940s.
Something that will make that possible is remote work opportunities. Working remotely is suddenly something thrust into the spotlight, with technology making it possible to perform for employers as well, if not better, than in a high rise conference room. By the time the stay at home orders are lifted, it may likely become a more understood and valued concept.
Ostrowski also imagines a world where people will think twice about what kind of home they may be quarantined in (again), since no one has a crystal ball telling them that this won’t reoccur. Those with city dwellings and enough solvency may opt for a second home with a more sprawling floor plan.
Technology Becoming More Common in Real Estate Closings
Finding a home is already becoming more and more dependent on technology, with detailed virtual tours of properties becoming commonplace, although it once was a marketing tactic only used by people living thousands of miles away from their intended next home. Now you can tour, purchase, and even do a final walkthrough of a home virtually using video chat. Likewise, heavy paper transactions are being overhauled with online signatures, and virtual closings are poised to take off.
Buying and selling a home, as we know it, may not ever be the same again.