The pandemic has caused changes in the housing market across the nation. While many home buyers are looking for larger homes with more outdoor amenities, in our region, we have seen a huge bump in searches for homes under 1000 square feet.
According to real estate researchers, Point2, prior to the pandemic lock-down roughly half of home searches were for homes under 1000 sq ft. Lately that has accounted for 83% of searches as apartment dwellers looked for more space and to take advantage of the low interest rates. I suspect this is particularly true for those who work in tech, which has not been as hard hit by the economic punches, and it may also reflect some investor buying.
Also interesting, is that fewer people are dead set on the “open floorplan” instead focusing on separate private spaces. It’s easy to understand as parents and students are all “working from home,” personal space is a hot commodity. I am also seeing more buyers interested in living further out in the “country” if you will, in the outskirts of Snohomish and King County.
With trends like these, it will be interesting to see what builders offer in 2021!