From what we are looking for in homes, to the ways we are house hunting and buying new houses, the pandemic has changed every aspect of buying a new home.
Seeking more space in new locations
Prior to COVID-19 becoming a part of our cultural lexicon, urban living was growing in popularity with many (primarily millennials and empty nesters) who were willing to trade in spacious living in return for easy access to all of the amenities that come with living in the city.
Not surprisingly, however, living through quarantines and social distancing has made space a premium and we are seeing a pretty significant shift of buyers from urban locations to the suburbs. More people are buying homes in suburbs and the available inventory of those homes is decreasing much faster than those available in urban areas.
Similarly, the drastic increase in companies allowing their workforce to work from home is impacting where people choose to live. Many people are no longer tied to a specific office or even city for employment and can make decisions about where to live based on other factors, like the cost of living, proximity to family and friends, and the size of homes and land available.
Designing homes for living, working, and learning
Inside homes, separate spaces to work and learn have become a premium. With remote working and learning becoming a staple in many people’s lives, it is no surprise that traditional home offices are back on the “have to have list” for home buyers.
Sometimes, one home office isn’t enough. Pop-up home offices are becoming a thing by turning an extra bedroom or small closet into an extra office or sectioning off a corner of a room to add a workspace that blends in during non-working hours.
Going digital for house hunting
But the pandemic hasn’t just changed what we are looking for in our homes, it has upended the entire house hunting process. New technology is being used in the real estate industry, from mobile apps to digital platforms, which has revolutionized the home buying process.
While perusing online home listings has been a basic first step for years, safety guidelines during the pandemic have forced nearly every aspect of the home buying process online. Videos, imagery, Facebook Live tours, and virtual walk-throughs have replaced the traditional open houses to the extent that some buyers are purchasing homes without ever stepping foot inside!
Adapting technology to complete the transaction
Similarly, other aspects of the home-buying process are more and more being facilitated by technology. There’s no need to sit in a mortgage broker’s office to discuss loan options or sign piles of paperwork in a room at a title company. Remote mortgage pre-approvals, inspections, appraisals, and even closings are becoming the norm.
At Ohio Real Title, we are proud to adapt as necessary to make the real estate transaction process easier and more efficient during these unprecedented times and into the future. We provide calm where sometimes it doesn’t exist. Contact us today to learn more about our service offerings or our home closing technology.