COVID-19's Lasting Impact on the Real Estate Industry

What to Expect

by Tamiracle Williams

The pandemic has drastically changed how Americans live, work and play. As remote work became the new normal, homes now serve as an office, school, gym and place of entertainment. These changes have increased homebuyers demand for single-family homes with more square footage. It has also transformed what buyers want and need in a home.

Keep reading to learn what to expect from new developments, condos and buyers.

Goodbye Open Floor Plans. Open floor plans are no longer desired. Buyers need barriers to buffer noise. You can expect new construction homes to include privacy nooks and pocket doors to close off open spaces.

More Storage. Homebuyers are now in need of more space in their pantry, laundry room and garage. With COVID-19 cases surging, people are bulk shopping to cut down on trips to the grocery store. This trend is expected to continue until a vaccine is made available for the virus. Outdoor Spaces. Homebuyers fear another shelter in place. Many are migrating to suburban areas in the South to have yearround access to outdoor amenities. Some luxury condos are beginning to offer private rentals for various items such as bikes and scooters. Other developments are adding more outdoor spaces that allow residents to work outside and workout from home.

Smart Home Technology. Commercial and residential developments are adding features that reflect the health and wellness movement. Key features include keyless entrance, touchless facets, motion sensor lights and other smart home devices that eliminate the constant need to touch various items.

Outgoing Trends. In-person meeting places, university towns/student housing and experiential retail are not expected to survive the pandemic.

Tamiracle Williams is the Communications Specialist at Greater Tampa REALTORS® .

COVID-19's Lasting Impact on the Real Estate Industry