Apr. 7, 2021: The trends in real estate accelerated in 2020. This pandemic showed us that anything can happen, and we need to seize the day as life is quite unpredictable. As we all know, real estate has been greatly impacted. Below are some of the trends we are seeing in the market.
People want more space in homes for basic living, and now for working too. They desire a sense of comfort and security, but also practically they need more space for home offices, for school video classes, for home gyms, etc. Larger home sales improved in 2020.
Baby boomer empty nesters are ready to move on to warmer climates, for lower taxes, and for all-year-round activities. They want to enjoy their lives before another unforeseen event keeps them locked down. Consequently, inventory in our high end is increasing.
The trend of multigenerational living is more popular. People have had a difficult time seeing loved ones, and the nursing home situation was often terrible during the pandemic. I have more buyers looking for homes with back staircases to a guest area or a lower level for a guest suite.
The digitization of homes has dramatically changed. New improvements include amazing home theatres, security systems, WiFi everywhere, more outlets and USB ports than we ever thought we would need, and homes that can be controlled on iPhones.
Pools are in! The numbers show approximately 94,000 new in-ground pools across the U.S. were built in 2020, which was a 20% increase from 2019.
In the past couple of weeks, two properties in New York City sold for over $50 million. New York seems to be heating up. Buyers are back looking.