Bay Equity Home Loans Newsletter
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Covid-19 spurs new home sales
 
The coronavirus crisis has created the perfect storm for the nation’s homebuilders – but will they navigate it correctly?

The pandemic has created a consumer preference for pristine and clean and an accelerating flight to the suburbs. With the supply of existing homes for sale in the doldrums, sales of newly built homes jumped 55% annually in June, according to a national survey.

Architects and builders are already rethinking and re-inventing as they imagine the home of the post-coronavirus future.

First up, after being cooped up for so long in the height of spring and summer, most American homeowners concluded: “we need a bigger and/or better backyard.”

Folks confined to their homes crave sunlight, fresh air, a change of scenery and the opportunity to share a socially distant martini or two. Home vegetable gardens are gaining ground, as people try to become more self-reliant.

During the long shutdowns, some families found themselves at war over the best available desk space. Those working at home need an office away from household disruptions, and kids need a separate, dedicated place to do schoolwork.

Minimizing germs is another goal. Never in American history have people been so aware of all the icky things they touch during a normal day. And that means an increasing demand for hands-free appliances. New homes will increasingly feature voice-activated doorways, remote controls, toilet flush handles and trash cans.

The pandemic also makes homeowners more aware of indoor air quality. In addition to the germs that may hang in the air inside, we’re spending more time cooking and cleaning. Future systems to monitor and circulate air will be essential.

Mud rooms are small rooms near entryways for folks to take off clothes before entering homes. But today, the focus is on “delivery rooms.” Not for babies, but for packages and food.

With online shopping and home delivery soaring, future homes will come equipped with giant drop boxes or a small room adjacent to the house. They’ll probably include a way to directly discard the packaging into an outside receptacle.

Open floor plans are out, way out. With more of us home more of the time, the value of separate, enclosed rooms is back in vogue. That means individual rooms for individual family members plus separate spaces for work and hobbies.

With more, smaller rooms, economizing space will be at a premium. Kitchen size will be re-evaluated, with more utilitarian appliances. Murphy bed manufacturers may benefit as home shoppers seek bedrooms that can be quickly converted into refuge rooms or offices.
 
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  Bay Equity LLC. Equal Housing Lender. This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Bay Equity LLC, 770 Tamalpais Drive, Suite 207 Corte Madera, CA 94925; NMLS ID#76988 | NMLS consumer access: www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/76988. Colorado Mortgage Company Registration #76988

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