The coronavirus pandemic has single-handedly changed every facet of our lives, including our living space, and will likely reshape the entire real estate industry moving forward. 

After spending so much time at home over the last few months, many are rethinking what they want out of their home and where they want to call home. 

Buyers and sellers may more heavily consider the following moving forward: 

Living In One Home For Longer 

The coronavirus hit nursing homes and assisted living facilities hard. It is likely that it will impact the willingness of future generations to move into those types of living environments, thus extending the life of independent home ownership.

Millennials may hold off on buying their first home until they can afford one with more flexible living and working space.  

Becoming Even More Dependent On A Real Estate Agent 

Technology evolved quickly in the real estate industry over the last few months to accommodate stay-at-home orders while still allowing people to buy and sell houses. Virtual showings is one element that helped keep the industry going during the pandemic, in addition to other technology to digitize home sales. With health safety being more important than ever, buyers will likely rely more heavily on agents for guidance.  

Flocking Toward The Suburbs 

Densely populated areas like New York City were among the hardest hit by the coronavirus and may see more people opting for the suburbs, rather than the big city. 

Buying A Second Home 

While international travel is restricted, more and more people may consider buying a second home that serves as a vacation destination. 

“Ultimately, research shows that while pandemics incite a temporary pause, the housing market is incredibly durable. While people certainly purchase residential real estate as a sound investment, homes will always be an essential need – even if there is a turn in the market.” 

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