What home buyers want post-pandemic
It has now been over two years since the pandemic first hit the shores. While some aspects of life have changed dramatically since then, others have slowly returned to the way they were before.
“These shifts in lifestyle needs have had a significant impact on the local housing market. The property market was unbelievably active following the pandemic, largely owing to low-interest rates and a shift in lifestyle requirements that caused many homes to no longer be suitable to the homeowners needs.
“Buyers have become much more specific when searching for a new home. They want high-speed internet, fibre connections and strong cellular service. They request home offices with privacy, soundproofed walls, and good lighting for Zoom calls,” she says.
Location, location, location!
While the route to the office has become less important to many buyers, those who have children still value being closely located to good schools. “Location is often the single most important driving force behind property buying. Home buyers with young families usually look for transport links and well-ranked schools. Higher fuel prices directly impact households, so they don’t want to live too far from the school district.
With the increase in the number of elderly people and the worsening issue of young people being unable to afford to leave home, Larney adds that there remains a strong demand for multi-generational accommodation. “We have noticed that many buyers are looking for homes with flexible layouts to suit different generations, are energy efficient, affordable and accessible, and must cater for a work from home office.”
energy issue has become even more obvious. “People are still willing to trade the convenience of city living for the space and comfort of bigger properties with outdoor spaces out in the country or coastal areas.”
Rural homes continue to enjoy additional space and will therefore have more opportunities to generate solar power, using integrated technology which means that the roof covering itself would become the solar collector, rather than, a single panel fixed to the roof.”
One last thing that has changed since the pandemic is that activity is beginning to quieten down now.
On top of this, inflation, rising interest rates, and high home prices are making it harder to afford a home for your average home buyer, thereby reducing the demand for home purchases. This also influences sellers as they need to reduce the prices of their homes in order to attract buyers.”
As a word of advice to buyers in this post-pandemic market, the sooner you get into the property game, the better.