It’s incredible to see the changes occurring in the real estate market since early March. This pandemic has been a difficult time for everybody, particularly those who are working on the front lines to keep us healthy and our cupboards stocked, for which we are incredibly grateful.
Our business has changed significantly, but not in the ways you might have expected, such as incredible digital staging or filmed showings. Having spent the past two months at home, the mindsets of Buyers and Sellers alike have shifted.
What we were witnessing over the past few years, particularly with Millenials, was a shift away from ownership, ‘home’ lost its significance. More individuals were opting to rent, either by choice or necessity. The past two months have helped to re-instate the importance of ‘home’ as our haven, a place to retreat from a long day of work and enjoy time spent with family. Kitchens are also going to become incredibly valuable as we see more people cooking at home or ordering in rather than going out.
Another trend we anticipate is a more significant shift from downtown cores to suburban markets. Many condo owners have felt it difficult to maintain their distancing, or find somewhere for their little ones to use up all that energy! This stress could accelerate the plans for many young families who were already considering making that move, especially when they see the outdoor space available to them at prices comparable to two-bedroom condos in the downtown core.
Buyer’s perspectives on what they are looking for in a home are also going to shift. Entertainment space used to be the primary focus, but that is going to take a back seat to more functional areas. Home offices, once the neglected room full of the kid’s toys, will serve a higher purpose as many businesses have benefitted from increased efficiency with having their staff work from home, no water cooler talk! (Check out our listing at 5 Turtle Lake with the potential for two home offices!) The ‘super-open’ floorplans, which were already losing popularity, will give way to homes with more space to disperse. Having multiple rooms where family members can disperse through the day is an asset when spending time at home. It gives everyone some much needed alone time to complete homework, take zoom calls, or maintain their sanity!
The bottom line is that everyone has grown a greater appreciation for the space they call home. Most people have used their extra time to take outstanding care of that space, whether it’s home remodeling, tending to the garden, or merely a good spring cleaning. Home has been an obsession of ours for decades, its just lovely to see everyone else appreciating them as much as we do!
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