Home >> Daily Dose >> Seeking Home Spaciousness During a Pandemic
Print This Post Print This Post

Seeking Home Spaciousness During a Pandemic

According to the real estate experts at Redfin, the current pandemic is causing home buyers to look toward larger homes in a bid for more space. Redfin revealed that sales of large homes in America rose 21% (year over year) in July.

This surge represents a rate of sale that grew nearly 10 times quicker than small home sales growth. However, the price of small and medium-sized homes experienced the greatest increases. To give an idea, the average price of a small home experienced an uptick of 8.1% (year over year) in July. As for medium-sized homes, those price tags rose 7.5%, while larger homes only experienced a 6.7% increase.

Daryl Fairweather, Redfin's Chief Economist, commented on this increased demand for more space when it comes to home choices for Americans: "Most people would prefer a large home over a small home given the choice. That's true regardless of what's happening in the world, although spending more time at home due to the pandemic is encouraging some homebuyers to seek out bigger houses with bigger yards.”

Fairweather added: “But affordability still reigns, which is why the market for large homes isn't much hotter than for smaller homes. The lines are drawn economically. The people with steady work-from-home jobs are able to move away from city centers, or even to entirely different parts of the country, and find more space for a similar price. But a lot of people searching for homes are in less advantageous financial situations and can't afford more space even if they want it."

Redfin agent Chriss Houghton, who works in Vancouver, WA, also commented on this (literally) growing real estate trend:

"People want bigger: Bigger houses, bigger properties. That’s what people are asking for, whether their idea of big is a half-acre, one acre or 10 acres. If people are living in a small cookie-cutter home right now, they want a larger house with extra rooms and a dedicated place for an office."

About Author: Andy Beth Miller

Andy Beth Miller is a well-established freelance editor and writer with almost 20 years’ experience working within the media industry, contributing to various publications such as Lonely Planet, Zicasso, Honolulu Star-Advertiser, Midweek Magazine, Kauai Traveler Magazine, HILuxury, and many more. She also currently serves as the Editor-in-Chief of ProcuRising Magazine, which enables procurement professionals to increase their knowledge base within a creative and collaborative community.
x

Check Also

Black Shoppers Face More Homebuying Hurdles

According to a recently released Redfin report, America is facing a  racial divide when it ...

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.