The Shift That Changed Priorities
October 14, 2020
Contemporary articles are rife with lists of what people are looking for in homes they are choosing nowadays.
Every year, season, or month starts with posts about what is trending and what goes out of style. Entries vary from home offices, pools, and home workshops to spacious kitchens, modern built-in technologies, and a number of bathrooms or bedrooms. Sustainable materials and energy efficiency are a great deal too, considering the dire state of ecology.
And all could be the same this year, if it weren’t for the global pandemic.
Forced to lock themselves in city apartments, large numbers of which do not impress with their spaciousness, people not only began to long for their own yards and green lawns, but also turned a blind eye on things that used to be among the major disadvantages when choosing a private home.
Long commutes suddenly stopped being an issue, just like the need for renovations or additional repairs. Dated kitchens and bathrooms are no longer impediments to sale. People are eager to put up with such things just to get something else they are wishing for: a terrace, a pool, a vast yard, airy spaces, a cellar. While the move-in ready houses continue to be the top choice, other properties started finding their new owners not less quickly.
A shift in what people are willing to spend on occurred. Absence of traveling and entertainment expenditures left them with more money to invest into something. The necessity to spend a lot of time at home provoked a desire to improve it, hence make an investment into it. Those who were looking for apartments closer to their workplaces now have a freedom to choose places beyond what would be a reasonable commute, and many of them swiftly shifted their priorities from apartments to larger private homes with yards.
Some may say this is a natural course, triggered by small-sized city dwellings, but human desire to leave cities and return closer to a more natural environment is not the only reason for such a tendency. Remote workers, families with kids looking for more space, jobless people, people looking for more stability in these hard times, those who jumped on a bandwagon seeing options of low interest rates — all of them pile up creating a big wave that upends the housing market and makes listing prices to fluctuate.
This last one thing has two facets to consider. While the prices are indeed fluctuating and giving hopes to many first home buyers, this uncertainty may also provoke second thoughts. Experts give many advice to those who are thinking about buying their own home, but the core of all of them lie in incomes. No one can stay precisely that prices will continue to fall, just like no one knows what will be the tendencies in jobs and wages, — all that is at the mercy of the pandemic now. But if a person's job is stable, and the income is good, today is not the worst day to look about.
When this pandemic will come to an end or if it will cease at all is unknown. What is happening right now with real estate markets all over the world is not guaranteed to last forever. The best we can all do right now is to cater to what we need and want within what we can. And if that means making an investment into a private home and leaving the city for the sake of a better environment, so be it.