Emerging trends that may shape the local real estate market
Working from Home
Before 2020 working from home was a transition that was emerging more and COVID-19 has accelerated this process. As a result, buyers may be less concerned with proximity to employment and more interested in what the location of the home has to offer. Is the home close to parks and other outdoor activities? Does the home offer amenities like a pool or exercise room? Does the home have dedicated office space? People will be more apt to live further out into rural areas if there is high speed internet access.
The Covid 19 pandemic restrictions have fostered the necessity for families to start eating at home more often. Many families have noticed the health, social, and financial benefits of preparing meals at home. While a great kitchen has always been an important home feature, this may become even more important. Homes with increased pantry space, abundant meal preparation space and modern appliances will be most attractive to buyers.
Buyers and sellers will have undoubtedly noticed that the traditional way of selling homes has changed. Digital signing software is being used to sign contracts more often. In person open houses have been suspended and in person home showings have had some restrictions, such as wearing masks and shoe coverings. This is where virtual tours have proven to be immensely helpful and much more popular. Guidance from the Kentucky Real Estate Commission has changed on an almost monthly basis and as we follow the guidelines closely there may even be a time when clients sign purchase contracts for homes they have never physically entered.
Only time will show the ripple effect to our local and national housing markets.
Triple Crown Realty Group is prepared to assist our clients in this ever-changing market.