Homebuyers across the country are increasingly interested in homes with outdoor features, larger bedrooms and less open floor plans, according to a new report from online real estate marketplace Point2.
The report looks at the past five months of search behavior on the Point2 website to compare the priorities of home seekers before and during pandemic lockdowns and social distancing.
Homebuyers appear willing to pay more for larger homes. However, searches for homes under 1,000 square feet have increased from 10% to 22%, with those in the 1,000 – 2,000 sq ft range dropping from 57% to 44%. Point2 explains that these disparities show how the pandemic has affected buyers in two different ways. Some are looking for larger houses as they spend almost all their time at home, while others are financially affected by the pandemic and are now looking for smaller homes to prevent or solve financial troubles.
Chicago buyers have become more interested in smaller homes since the onset of the pandemic. Searches for homes under 1,000 square feet saw a dramatic increase from 8% to 39%. Searches for 1- and 2-bedroom homes also increased 5% and 4%, respectively. Point2 attributes this to buyers being more financially careful in looking for smaller, more affordable homes as COVID-19 has brought financial worries to the forefront.