The coronavirus pandemic has disrupted the way we live and work. This has had a significant impact on the economy and on many sectors including residential real estate. This has also resulted in changes in consumer behavior and new trends emerging, giving the industry an opportunity to reinvent itself. Here are some aspects that consumers are considering when buying a home post-COVID-19:
- Trusted Developers
This unprecedented crisis is expected to lead to further consolidation in the residential real estate sector and provides an opportunity for corporate developers to expand their portfolios across prime locations. Today many developers are offering discounts and plan to lure customers. Homebuyers should be careful and choose reliable developers, who provide the right communication and value for money.
- Biophilic Design
Among the countless problems posed by the pandemic, consumers are facing a ‘pandemic fatigue’, which is a growing concern. The increasing stress and anxiety among people are affecting their health, personal and professional relationships. Many psychologists are suggesting that being close to nature and the outdoors leads to peace and tranquility. As a result, many home buyers are now opting for homes that provide ventilation and open green spaces. An emerging trend of ‘biophilic design’, which helps to connect the natural environment to the built environment using natural materials, spatial design, and views or access points of nature, is being seen in various upcoming properties.
- Community Life and Township
The most important advantage of community living is a self-sustaining ecosystem. The pandemic has changed the preferences of homebuyers, who are now looking for safe, well-designed, and self-sustaining spaces that offer everything under one roof through vast communities – for example, co-working spaces, cafes, convenience stores, fitness centers, and reading lounges, among others, within the township.
- Home Office
Work from home and remote learning is the new normal for families and has highlighted the need for quiet spaces. After the lockdown, having a separate, functional home office has become more important than ever. Homebuyers are looking for homes that can accommodate their work preferences and style, as well as projects that offer practical luxury with an efficient layout. They are looking for setups that will empower them to be more productive and effective.
- E-Tour and Online Experience
The pandemic has seen a revival in the industry, with new trends emerging in terms of home buying. Homebuyers are now preferring to visit the website first, fix virtual meetings and take e-tours before opting for site visits. Keeping the safety of the customers in mind, the developers are offering an end-to-end digital experience for home buyers with investments in both AR (Augmented Reality) and VR (Virtual Reality) to ensure an experience that is almost the same as a physical site visit. . This 360-degree e-tour, from the comfort and safety of one’s home, has been a breakthrough in this field.
- Security Measures
Today people are more cautious about hygiene measures and social distancing. To ensure safety and hygiene, they are partnering with developers who have strict security norms. To accomplish this, the developers have adopted the practice of asking customers to pre-book appointments for site visits and provide hand sanitizers, masks, and PPE kits to site visitors. Employees are also given the training to maintain social distancing.
Today’s home buyers are young, educated, and health-conscious. Their changing behavior patterns align for a better future. It is important for developers to adapt to the new normal by enticing consumers. These adjustments will ensure that developers remain relevant in this dynamic market and are able to sustain themselves over the long term.