July 16, 2023

How Home Buying Has Changed in One Year of COVID-19

People wonder why home buying continues to see an upswing when COVID-19 brought a recession across the globe. Something that has caught our attention is how the parameters of home buying have witnessed a tremendous change. Let’s put an end to the big question of how things have changed for home buying in one year of COVID-19.

The Sentiments of Owning a Home

When everything begins at home, why shouldn’t your investment? Sentiments behind owning a house after one year of COVID-19 became the prime demand drivers for homes. People stuck in rented properties during lockdown realized the tremendous benefits of owning a house. Hence, the demand dynamics in the housing market changed tremendously. Also, homeowners avoided renting their properties due to lower return rates, which spiked housing investments. There has been a spike in the demand for property in Tier-2 cities catapulted by increasing reverse migration. The credit goes to the trend of working from home.

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Is Virtual Reality on the Cards for Home Buying After One Year of COVID-19?

A big yes! The housing market has gained immense momentum with real estate agents quickly shifting to virtual tours of properties. From 3-D visuals to drone shoots, viewing a property virtually has added a new dimension to the housing sector in real estate. A crucial aspect of home buying, the client and broker meetups are facilitated through Google Meet and Zoom calls. RTGS, NEFT, and UPI became the new modes of payment eliminating the handover of cheques. The complete digital property tours have given a quantum leap to the sector. Buying a home online does not feel like an alien concept anymore.

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Demand for Larger Homes and Township Living

After one year of COVID-19, homebuyers are increasingly inclined towards buying larger living spaces. As per data with Square Yards research, over 70% of the total online searches on Square Yards during the year 2020 were for larger residences. Further, a recent report by Square Yards titled “Evolution of Home Buying Trends in the COVID era” stated a 40% rise in demand for 3 and 4BHK units in H2 2020, as compared to H1, 2020.

One Year of COVID-19: The Impact of Work-From-Home Culture

With working from home being the new normal, people are shifting towards living spaces with an added flexible room. The report further stated that more than 48% of home buyers preferred properties with an extra room that can be transformed into a study or an office. The sales figures of Square Yards second this trend. 46% of the total properties sold during the Jan-Dec 2020 period were accompanied by a flexible room.

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Township living has also witnessed a spike because of people’s need to have everything under one roof, be it co-working spaces, fitness centers, cafés, or shopping options. With an increasing demand for larger homes, homebuyers are searching for affordable options. Hence, the push is towards suburbs. Across the prominent cities of Faridabad, Mumbai, Hyderabad, Pune, and Bangalore, the suburban areas marked a rise in capital values because of this demand.

Added Safety Measures in Properties

Social distancing and hygiene are on top of people’s priority list, and homebuying after one year of COVID-19 is highly dependent on these two aspects. Real estate developers are rigidly complying with the safety needs of homebuyers. For instance, the entry of outsiders is strictly monitored and limited. Adding more, handwashes and sanitizers are kept at every entrance of societies and townships, including the common areas. Homebuyers are now demanding temperature checks of any vendors or delivery agents to avoid any loopholes in the safety of their abode.

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One year of Covid-19 has not only changed the process of home buying but also altered the parameters that influence the final purchase decision. From buying a home online to stretching budgets to accommodate an added room and moving to peripheries or Tier-II cities, these are all trends that are expected to become the norm in the COVID era.

FAQs

1. How has COVID-19 impacted the housing market?

COVID-19 has led to a major modification in the mindset centered around property investment. Sales surged towards the end of the year backed by a highly emotional and sentiment-driven demand for homeownership.

2. What has been the impact of working from home on home buying?

Working from home has led to an increased demand for larger living spaces and properties with flexible rooms that can be transformed into studies or offices.

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3. Are virtual home tours here to stay?

Yes, virtual home tours have gained immense momentum as real estate agents quickly shifted to this mode of viewing properties. From 3-D visuals to drone shoots, it has added a new dimension to the housing sector in real estate.

4. Why are homebuyers inclined towards larger homes after COVID-19?

After experiencing lockdowns and spending more time at home, homebuyers have realized the benefits of larger living spaces and the need for versatile rooms for work or study.

5. What safety measures are being implemented in properties after COVID-19?

Real estate developers are strictly complying with safety needs, including monitoring and limiting the entry of outsiders, providing handwashes and sanitizers at entrances, and conducting temperature checks for vendors or delivery agents.

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6. What is the impact of COVID-19 on homebuying trends in tier-2 cities?

COVID-19 has led to a spike in demand for property in tier-2 cities due to increasing reverse migration and the trend of working from home.

7. How has the sentiment behind owning a home changed after COVID-19?

People stuck in rented properties during lockdown realized the tremendous benefits of owning a house, leading to a spike in demand for homeownership. Homeowners also avoided renting their properties due to lower return rates.

As the dust settles one year after the initial impact of COVID-19, the housing market has experienced notable changes. Homebuyers are now engaging in the buying process with a few distinct changes in preferences. Whether it’s the sentiments behind owning a home, the rise of virtual reality in home buying, the demand for larger homes and township living, or the focus on added safety measures, the dynamics have shifted. Moving forward, it’s expected that these trends will continue to shape the future of home buying in the COVID era.

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If you’re considering buying a home, embrace the changing trends and explore the options that suit your needs and desires. With the right approach and understanding of the evolving landscape, you can make a confident decision that aligns with your goals and aspirations.

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