Fall 2020 Housing Trends: What will we see in the housing market?

2020 has been a crazy year for real estate and it’s not over yet! If you’re wondering about what we are expecting in housing trends for the second half of the year, check this out.

Since the global pandemic swept through the United States, consumer needs changed.

Fortunately, the housing market is doing better this year than it did last year, as of June 24, 2020 (when the survey had concluded), 49% of agents surveyed stated business has been growing despite it all. 

So, what can we expect in the upcoming months? What are the key features that buyers will be looking for in their next abode? Let’s take a look!

1. Diverse options for living spaces

People have spent months cooped up in their homes. Their travels have been limited, adhering to the stay-at-home and social distancing orders. Those who are looking for a new house now require spaces dedicated solely for home offices and home schooling, so they can continue to work (or learn) from home. Folks are going to look for dedicated home offices or even look for alternate options like converting a shed into a private workspace, for example.

2. Comfortable outdoor living spaces

Like with the previous feature, people want plenty of outdoor living spaces so they can enjoy some fresh air and get some exercise, since gyms are still closed in many areas. These outdoor spaces can include patios, decks and swimming pools. Some people are even willing to go the extra mile and install hot tubs, outdoor kitchen spaces, and install outdoor heaters for when the nights get colder. 

3. Mortgage rates are going to stay low – for now

Mortgage rates have been the lowest they’ve ever been, and it’s very likely that they’ll continue to stay this low (or drop even further) for the next foreseeable future.  Mortgage rates are predicted to stay low through the end of the year. So, if you’re considering buying a house in the near future, now is yout time to start looking!

4. Shopping for homes go virtual

Anything you want, you can find it and buy it online, whether it’s the latest fashion trends, a new appliance or even a new car. You can even buy houses online now! With home browsing websites a plenty such as Zillow, it’s expected that more buyers are going to use these websites to find their new home, with virtual tour options a plenty to view before walking through.

5. Suburban or rural neighborhoods

When you think of a city, you probably envision crowded sidewalks, packed subway cars, busy offices and germs. Lots and lots of germs. That’s one of the reasons why people are ditching the big city and are heading out to the suburbs – especially if they have the option to work from home permanently. Why subject yourself to such chaos when you can work from home on the patio and enjoy the fresh air? We would do it too!

The future of real estate and what homebuyers want is always changing. COVID-19 has changed many aspects of our lives, but one thing remains, life will go on and we will persevere. Our wants and needs may change in the process, but isn’t that the exciting part of looking toward the future? 

Looking to make your next move? Call us, we know real estate in New Jersey 917.268.8916