We’re well into 2022, fast approaching the two-year anniversary of COVID’s arrival into our lives. Yet somewhat surprisingly, we’re still hearing this question on a regular basis:
“Has COVID Impacted the Real Estate Market?”
Well, yes. Of course. It’s impacted every industry, hasn’t it? Everyone has changed how they do things. And so real estate has changed too.
Here’s an example. Our clients used to seriously consider their commute when choosing the location for their new home. But today, many people no longer go into their offices full time, or at all. So now, the walk or drive to work isn’t the big consideration.
Instead, it’s the work-at-home routine. And for many, the dining table or the breakfast bar isn’t cutting it anymore. Buyers need more space, an actual room to call their home office. They need to close the door on the TV and washing machine so they can manage work and Zoom calls without interruption. And that affects home purchase decisions.
Another change we’ve noticed? Travel restrictions have fewer people choosing to vacation overseas—or frankly, anywhere that requires a plane trip. Instead, we find our clients are keeping it local. And that’s why the second home market has boomed in the last two years. Another place to travel to, spend time at, and quite often, work from, has become very appealing.
So right now, this is where our clients need our help. And we are here to respond to their needs in the moment.
But real estate is a dynamic industry. Lifestyles change, and as I often say, we sell lifestyles just as much as we sell homes. So, when the world changes again—and it will—we’ll continue to use our knowledge, empathy and imagination to adjust to the next need. And the next.
That’s the human factor in real estate. And COVID or not, that’s what keeps things interesting.
