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March 3, 2021

A New Meaning for Homeownership

Today, Americans are purchasing homes for a variety of different reasons. The current health crisis has truly re-shaped our lifestyles and needs, prompting many of us to think more about what we truly want in a home. Spending extra time where we currently live is enabling many people to re-evaluate what homeownership means and what they find most important in a home.

According to Zillow:
“In 2020, homes went from the place people returned to after work, school, hitting the gym or vacationing, to the place where families do all of the above. For those who now spend the majority of their hours at home, there’s a growing wish list of what they’d change about their homes, if possible.”
With a new perspective on homeownership, here are some of the top reasons people are reconsidering where they live and thinking differently about what they need in a home.

1. Working from Home

Remote work is becoming the new norm, and it’s continuing on longer than most initially expected. Many in the workforce today are discovering they don’t need to live close to the office anymore, and they can get more for their money if they move a little further outside the city limits. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) notes:
“With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”
If you’re renting a small space or recently tried to convert your dining room into a home office with minimal success, it may be time to make a change. The reality is, your current house may not be optimally designed for today’s lifestyle, making remote work and continued productivity very challenging.

2. Virtual and Hybrid Schooling

Many school districts are using a model of virtual or hybrid learning, turning their curriculums into digital formats for students. If you have school-age children, you may have a need for a dedicated learning space. If so, it might be time to find a home that provides your youngsters with the same kind of quiet room to focus on their schoolwork, just like you likely need for your office work.

3. A Home Gym

Staying healthy and active is a top priority for many Americans. With various levels of concern around the safety of returning to fitness facilities across the country, dreams of space for a home gym are growing stronger. The Home Builders Association of Greater New Orleans explains:
“For many in quarantine, a significant decrease in activity is more than a vanity issue –it’s a mental health issue.”
Having room to maintain a healthy lifestyle at home – mentally and physically – may prompt you to consider a new place to live that includes space for at-home workouts.

4. Outdoor Space

Especially for those living in an apartment or a small townhouse, outdoor space is a new priority for many as well. Zillow also notes the benefits of being able to use your yard throughout the year:
“People want more space in their next home, and one way to get it is by turning part of the backyard into a functional room, ‘an outdoor space for play as well as entertaining or cooking.’”
You may, however, not have the extra square footage today to have these designated areas – indoor or out.

Moving May Be Your Best Option

If you’re clamoring for extra room to accommodate your changing needs, it may be time to take advantage of today’s low mortgage rates to find your perfect home. It’s a great time to get more home for your money, just when you need it most.

Bottom Line

Today, many peoples’ needs have changed. If you’ve been trying to decide if now is the right time for you to buy a home, let’s connect to discuss your options.

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Work With a Real Estate Professional if You Want the Best Advice

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