How Has COVID-19 Changed Demand?

In the midst of a worldwide pandemic that has changed the way we work, play, and live, we are seeing some buyers changing their wishlists when it comes to purchasing a home. The National Association of Realtors (NAR) recently published their biennial survey on community and transportation preferences. The story therein is that certain buyers and homeowners are pushing against the trend towards density, walkability, and proximity to work/activities in favor of larger homes and bigger yards. Intuitively, this tracks pretty well when compared with the restrictions we’ve experienced over the last ~8 months. That being said, walkability is still a popular trait in a residence, so the trend towards closer-in living hasn’t fully reversed course. This reflects fairly well with what we are seeing as we assist buyers purchase homes: some are in search of more space and larger properties, while others still covet the close-in zip codes and the amenities they have to offer.

The article highlighting the study can be found HERE, while links to the study itself – along with past versions of it – can be found HERE. Take a look and let us know if there’s anything that’s of interest!