Yes, the Pandemic Will Be Driving Some New Real Estate Trends This Fall
If you’re like us here at Jessica Foote & Associates, you’ve probably grown weary of hearing the terms “the new normal” and how we’re living in “unprecedented” times. But despite our fatigue, they are worth mentioning in terms of what we’re expecting to see this fall in real estate buying and selling.
Yes, the pandemic—and the annoying words and phrases it’s spawned—has changed many aspects of our lives. But is it really going to change how people in the San Diego area buy and sell properties?
The answer is yes, to a certain degree. The fundamentals are shifting, and we see a few trends emerging that are being directly influenced by what’s going on in our area—and the world—over the past few months.
The first is how extra space is commanding additional interest from buyers. And it makes sense.
With the possibility of many of us permanently working from home and schools embracing remote learning and hybrid models (both remote and in-person classes), homebuyers are looking at space differently. It’s as if what they want in the past and what they need now has intersected.
On a fundamental level, if we’re going to be handling most of the aspects of our lives from home (work, school, entertaining, bible study, etc.) we’re going to need some extra shoulder room. We’ve heard story after story about how extra bedrooms are being turned into remote classrooms and how our beautiful dining room tables have devolved into little more than work desks.
We also understand that 5,000 square foot houses aren’t in everyone’s budget. But we see a definite rise in the need for as much space as possible. Will this lead to more people sacrificing location for size? Will a 3,000 square foot house in Fallbrook or Bonsall become more desirable then a 2,200 square footer on the hill in Scripps Ranch? We’ll be watching.
Along the same lines, another real estate trend we’re seeing is the rise of “destination homes.” Forbes defines it as “a one-stop shop for homeowners who face more at-home time and it might include space for outdoor activities, social gatherings, work and privacy.”
Those of us who have been in the business for a while have always preached “location, location, location.” We don’t see that adage going away anytime soon, but size, function as well as location could be on somewhat equal footing this fall and beyond.
Lastly, the overall demand for housing is showing little seasonality. Typically the fall is when things begin to slow down in real estate and people start holiday planning. Well, it looks like there’s a new home or condo on a lot of shopping lists this year.
Fueled by low interest rates, pent-up demand from the spring and, as we mentioned earlier, the need for more space, the market for buyers and sellers is unseasonably warm.
Here’s the good news: You have an ally to navigate your way through all the ups and downs the pandemic has created. We’re not doctors at Jessica Foote & Associates, but we know the real estate market and can put many of the fears to rest.
And we promise we won’t burden you with the “new normal.”
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Photo by Önder Örtel on Unsplash