Changing Home Buyer Priorities
It’s clearly an understatement to say that the COVID-19 pandemic had a profound impact on the way we live, work, and play. Even as the powers that be proclaim the crisis at an end, its indelible impact reverberates in every corner of our lives. Some of the changes made in response to the pandemic might be here forever (parklets and “contactless” shopping/delivery), and some will likely disappear altogether (six feet of space).
Buyer Priorities in a Post-Pandemic World
In terms of real estate, the pandemic had a huge impact on buyer priorities. With work from home and social distancing, our homes became our offices, our entertainment venues, our private sanctuaries, and our parks.
Rather than a trophy kitchen or an expansive “spa-like” bathroom, suddenly privacy, extra room for a home office, and outdoor living spaces became the most sought-after features. In particular, outdoor living space is now on the “must have” list of home buyer priorities, rather than the “nice to have” list, as evidenced by recent industry surveys:
- HomeLight’s “Buyer and Seller Insights for End of Year 2022“ reported that the desire to have “my own yard/outdoor space” was the number one motive for buying a home (especially among Gen X and Millennial buyers).
- 92% of landscape professionals found increased demand for contracting outdoor features during the COVID-19 pandemic. 79% cited that outdoor project scopes increased in size from before the pandemic.
Priorities Will Shift Again...and Again
Of course, outdoor living space has always had a positive impact on a home’s value. But over time, we could see priorities shift again, depending on external factors and how our world changes.
With the torrential rains earlier this year, something as decidedly unexciting as extensive drainage, gutters, and roof design could become a priority. A record-breaking year of rainfall took a toll on my building; I’ve been dealing with water intrusion, replacing roofs, and adding new gutters to be ready for future rainstorms.
And as our climate changes, air conditioning, central heat, and double-paned glazed windows could be highly sought-after features, even in temperate San Francisco (the U.S. Geological Survey reported last year that Karl the Fog has been taking more days off and the coast is warming at a higher rate than inland).
Planning for the Best Return on Your Investment
While homeowners should be wary of making expensive changes to accommodate every possible whim, this is all, nonetheless, a reminder that priorities shift. Investing in upgrades that improve the quality of your life for your needs should be your priority, of course. After all, it’s your home!
That said, it’s ultimately to your benefit to be aware of changing preferences to maximize the future return on your investment. And this is where an experienced real estate professional like me can help provide insight and guidance.
Rather than chasing every trend, I can help you assess the potential return on investing in different upgrades to your home that will enhance its livability, appeal, and value in the long run.
