While no one knows what the future may hold, many experts are predicting that COVID-19 will accelerate some housing trends that were already taking place. Here are three possibilities that could result from staying at home.
More millennials enter the market. In spite of the current economic uncertainty, millennials are eager to own first-time and move-up homes to accommodate their growing families. With low inventory nationwide, the pent-up demand from this generation could lead to a strong seller’s market over the summer.
A migration away from large cities. As densely populated areas issued stay-at-home orders, rentals of single-family homes in the suburbs spiked, reports HousingWire.com. Real estate experts are predicting that the pandemic may be the tipping point for city-dwellers who were already dreaming about having more space to call their own.
A shift toward multi-generational homes. According to Inman.com, the demand for multi-generational homes was already on the rise. However, between young adults moving home for financial reasons and concern over the safety of aging parents, more people may be looking for houses that can comfortably cater to several generations. This could mean that properties with features such as multiple master suites, a kitchenette, a walkout lower level, or an apartment over the garage will be highly desirable.