For the past few years, our lives were so busy that our homes simply had become a place to drop our keys, use the Wi-Fi, and rest our weary heads. We went out to dinner, worked out at the gym, commuted to work, and vacationed in VRBOs.
There was broad discussion about downsizing, minimizing our stuff, and home gyms, home offices, and large backyards had largely fallen out of favor. Spending all your time and money at home were simply not the in-trend things to do.
However, 2020 changed everything! The pandemic and rising values created a dramatic shift in the way we use our homes and now home is the hottest hobby going. Our homes have become so much more than a stopping place in the middle of our busy lives. Our homes are evolving and taking on totally new roles. Here are some of the trends we are seeing out in the field.
Family Haven
Our mid-career and pre-retirement clients, who might have considered a downsize two years ago, are now staying in their current home or seeking an even larger home that can accommodate the new and expanded needs of their family.
Students of all ages have been home on and off and older family members have come for extended stays as well. Suddenly, there is a greater need for separate living spaces, extra bathrooms, more outside space, and room for offices, Pelotons, and granddogs!
Social Media Canvas
Homes themselves have become a hobby for many, with room challenges filmed and video stories told of cooking, baking, designing, and creating. New backdrops are created weekly and vignettes are regularly redesigned. With social media platforms as our main point of connection, our homes have become virtual studios for all things creative.
Boredom Buster
The DIY trend has been fueled like crazy by our increased time at home. Our homes have suddenly become the perfect canvases for all kinds of projects. We are seeing it all: carpentry, gardening, painting, plumbing, home design projects, garage renovations, new fixtures, landscape redos, and more.
Financial Tool/Tax Shelter
The rising values have also allowed many homeowners to feel financially more secure. With homes increasing in value and interest rates dropping to historic lows, many homeowners have been able to refinance and drop their mortgage insurance premiums, withdraw some equity for renovations, or pay off debt.
New Project
While many people have stayed home and focused on renovations and upgrades, so many others have used the time to move. We have helped so many clients find their dream homes this year and overwhelmingly buyers are upsizing. This year has provided people with the time to look and the time to move.
We would love to hear what you are doing to your home. We have enjoyed touring so many of our clients’ properties and seeing all the latest trends in the marketplace. Looking for input on whether to buy, sell, or build? Give us a call!
John and Natascha Karadsheh are co-owners of KOR Properties, a boutique real estate brokerage serving the Valley of the Sun, and the creators and founding sponsors of Mesa Food Truck Fridays.
You can reach John at (602) 615-0843 and Natascha at (602) 909-4995, or visit their website: KORProperties.com.