Before the pandemic, the home was often a place of refuge while Americans found entertainment, work, and shopping outside of the house. Now that people have had to come to terms with the limitations of their homes more than ever, some real estate experts say that the coronavirus will leave lasting marks on how people view the home and what they desire from a property, according to Forbes. Renters who can afford a home may make the leap due to the cramped stay-at-home conditions. And though it has not necessarily translated to sales, Redfin has reported a spike in views of rural properties. Even so, the increase in demand may be dampened by the current economic conditions mixed with the lack of affordable housing--just because people want to buy a home doesn’t mean they can.
COVID-19 has exposed many weaknesses of our modern economy, and it has boiled our lives down to the essentials. As most of us have had to spend more time at home, we are now having to look to our dwellings for more than just shelter. We now commute to work from our bedrooms to our home offices, shop through Amazon, have our groceries delivered by Shipt, work out on our Pelotons, stream our TV shows and movies through Netflix and even send our kids to school via Zoom.
As most of us are home, we are looking for properties with more space in less dense areas of the map. The first advice most hear in regards to real estate is "location, location, location." While this may always be an important axiom guiding real estate investment, the desired location may be changing. As we transition to a more virtual world, our physical location may become less important relating to work, retail and entertainment. While it may be too early to deem it a trend, many Americans with means seem to be fleeing to areas with less density.