2020 is over, and thank goodness for that. But it goes without saying that people in all industries will be feeling the effects of last year for a long, long time. Real estate is no exception. Here are three major home trends that will shape buyer attitudes in 2021 and beyond, as seen by NWG Urban founder Nick Glant.
Keep an Eye on Condo Sales
Condominium sales may very well experience an uptick during the latter half of the year. “The condo market could stabilize as amenities and social distancing measures loosen up with the arrival of the vaccine and herd immunity,” said Glant. The amenities that make many condominiums attractive to buyers--pools, gyms, communal spaces--have mostly been closed this year to prevent the spread of COVID-19. As more people gain access to the vaccine, these amenities are likely to open back up. Cue a flush of buyers back to condominiums.
Outdoor Spaces Are In
The COVID-19 pandemic put a real moratorium on indoor hosting. All of a sudden, it didn’t really matter if you had the perfect CB2 furniture, or if your living room looked like an “after” shot off of HGTV. Since last Spring, no one has been able to come by and see your home. So why bother to decorate?
But then summer rolled around. Suddenly the weather was nice enough to hold some safe, socially distant outdoor hangs with your designated pod. Backyards, patios, porches, decks, and even courtyards started getting unparalleled attention. People started investing in nice ways to make their outdoor spaces great for entertaining. Outdoor furniture, string lights, and patio heaters are all popular buys right now.
According to Glant, it’s hard to make accurate predictions for 2021. But outdoor spaces are sure to stay popular. Homes that do well this year will have outdoor space associated with the building or the unit so that hosting guests is always an option. See you in the backyard next summer!
Introducing: The “HOffice”
“The local industry indicators are pointing to a normal and more balanced market in early 2021,” said Glant. This is good news, especially for homebuyers looking for a house with a work from home space. Yep, the home office is trending in a big way. When people imagine working from home for the first time, they envision lounging in a sun chair with a laptop, stopping for a midday drink break. Real WFH life has turned out to be not nearly so glamorous. Now that people have gotten the hang of working from home, a designated workspace is becoming a requirement for homebuyers in 2021.
Studies have shown that people who have a defined workspace are far more productive than those who don’t. For some people, this means looking for units with a spare room. But for others, this just means homes that come equipped with a designated space for working. A breakfast nook or built-in desk space will do the trick.
These are the trends we forecast for 2021. But if this past year has taught us anything, it’s that we should anticipate some curveballs, too. According to Glant, “For further predictions on the 2021 market, please contact your local psychic. For (mostly) unbiased and professional recommendations, please feel free to reach out to your trusted Broker at NWG Urban.”