Transformation of New Home Buying Trends in COVID Era
“Evolution of Home Buying Trends in the COVID Era-Data Insights by JustLead", how homes will be designed in the future, The latest research report by company research titled, in-home buying trends that will alter and give you an insight into how COVID led to certain subtle yet impactful changes.
Demand for a home office or study, while homeownership has gained prominence in the post-COVID era and larger and more spacious homes with enhanced facilities are also on top priority now for home buyers.
Inclined towards larger housing units, larger residences are in demand more than ever with nearly 70% of the online searches. A study/home office has become a must-have for 48% of the post-COVID home buyers; another prominent trend that has emerged post-COVID is the need for an added room such as a study or home office.
There is an aspiration-driven demand brewing in the housing market backed by the need for larger and upgraded residences post COVID, though liquidity crunch and unstable economic scenario restricted property buyers from investing large, the report threw light on the fact. This was aligned towards properties priced above as 1 Crore, This was visible from the fact that more than 30% of property searches in 2020. The sales figures reflected maximum conversions for affordable.
It has brought on in the real estate industry, trends Covid-19
By now the Covid-19 pandemic has forever altered the way we live and work it is clear. Every place has been impacted by the virus, our offices, our homes, our outdoor spaces. This has been hit by the novel coronavirus pandemic and Each and every sector of the economy, including the previously healthy realty sector.
The realty market is not going to be the same in a post-COVID world, as new trends emerge.
a) Home Ownership: Covid-19 has changed the way buyers think and the palpable uncertainty in the market, the concept of owning a home has gained renewed importance despite an unavoidable economic slowdown. It is probably one of the only places where one can feel safe and secure; the lockdown has also reinforced the importance of owning a home.
b) Digitization: Like all others, it has also been quick to adopt digital solutions, the real estate industry. There are varied as well as cost-effective ways to conduct the human activity; the crisis has unwittingly shown us. Whether it is transactions, digitization will dominate most of the processes and capital deployment, property management, virtual tours, or even the consumption patterns, the real estate market will adjust accordingly and will feel the impact of digitization.
c) Distance doesn’t count: even after the pandemic loosens its grip, most companies will explore some version of WFH for their employees, Remote working as a trend is here to stay. Hence, this will reduce the need to buy a house close to the workplace and commuting is no longer an issue for those working from home. For better affordability, people will be more open to moving to peripheral locations, As a result. There is going to be a change in how people think and live, Post-COVID-19. It will continue to outlive the pandemic; the Covid-19 pandemic has brought about massive shifts in investment preferences.
