2020 will be remembered as a year of pandemic in the history books. There is no doubt that this pandemic has changed the world forever. COVID-19 not only affected jobs and the economy but also the real estate market. Due to the “work from home” culture and lockdowns, the real estate market has suffered dramatically. Now, it’s a common question for many how the post-pandemic or the 2021 real estate market will look like. That’s why in this article, I’ll talk about the post-pandemic real estate trends to expect in 2021.
Top 4 Real Estate Trends to Expect in 2021
1. Increase in Demand for Multi-Purpose Homes
Due to the COVID-19 pandemic, people couldn’t go to the gyms or pubs. As a result, many homeowners opt to do home workouts or invest in fitness equipment. That’s why in 2021, there is a high chance that there will be an increase in demand for homes that have gym facilities.
Again, due to lockdowns, homeowners couldn’t go out, and they had to stay at home all the time. Because of this, new home buyers will be seeking houses that have a recreational space like a garden or mini pub. These facilities will allow the homeowners to maintain social distancing and do fun stuff at the same time.
2. Demand for Suburban Homes will Increase
As work from home has become a new normal, people have started moving from cities to suburban areas. Due to the second wave of the pandemic, people are staying home most of the time and now want more space to live, and this trend will go on in 2021.
Again, many big cities are facing a demographic shift, such as most middle-aged people are leaving cities and shifting to the suburban areas. As a result, there is a high chance that many big cities will face a demographic shift to the younger population. That’s why if you’re planning to invest in the real estate market in 2021, you should invest in the suburban areas to maximize your profit.
3. Possible Return of the Office Space
When the COVID-19 arrived in the US in 2020, most big companies like Google, Microsoft, Amazon had ordered their employees to work from home until the end of 2020. But when the second wave hit, many of the companies have extended the work from home to the end of September 2021.
Many of you may think that it’s the end of the office space. But it’s also true that companies will require office space to interact with their employees directly. After the vaccination program, there is a high chance that companies will call their employees back to their office space. Eventually, it’ll increase the demand for office space.
4. Increase in Real Estate Virtual Tours
Due to COVID-19 and social distancing, open-houses have become obsolete in 2020. Real estate agents and owners now understand the importance of real estate virtual tours and videos. It’s likely that people will prefer 3D virtual tours and videos in 2021 as well.
