People buy a new home for a variety of reasons. These can include: more space for an expanding family, a new job, acreage, downsizing in retirement, or wanting a new change of pace. One of the big reasons in 2020 for buying a new home is because of the effects of Coronavirus on the economy.
As people who were fortunate enough to keep their jobs and work from home full-time—on top of schools ending finishing out the year virtually—they found themselves re-evaluating their home situation. In addition, being pent up at home during stay-at-home orders has ushered in a wave of home buying when quarantine orders were eased or lifted.
The real estate market nationwide has defied expectations of both COVID-19 and the ensuing recession with the volume of sales and very low time on market. The National Association of Realtors (NAR) released a market recovery survey that outlines what home buyers are looking for when buying a home in the current real estate and economic conditions. Here are the results of what home features that home buyers are looking for in the second half of 2020.
- 24% – Home office
- 15% – Space to accommodate family
- 13% – Larger house for more personal space
- 11% – Yard for growing fruits/vegetables
- 8% – Yard for exercise
- 8% – Broadband internet access
- 8% – Acreage
- 8% – Swimming pool
Since a large number of people are working from home full-time for the foreseeable future, it makes sense that a home office (or an extra bedroom or bonus room to convert into an office) would top the list.
Being cooped up for multiple months would lead many people to want more space for family members or personal space and sanity. With a larger house typically comes a bigger yard.
Additionally, with gyms being closed, people are turning to their yards or garages as places to improve their health and fitness to shed “the Covid 19” quarantine weight and/or reduce stress.
If you are ready to buy a home after evaluating your Coronavirus living situation, give the agents at Build Idaho a call at 208.724.9636. We are here to help you find your new home today.
Start your home search by looking at homes for sale. On the top right of the page, you can filter results by bedrooms, acreage, location, and price to suit your needs.