The global pandemic has completely changed the way our world operates. We have stepped out into the post-pandemic world rethinking and realigning our business. The way we work has also changed as we embrace new norms, especially concerning our workplaces and homes.
The impact of Covid has drastically altered consumer sentiments across industries, and real estate is no different. As the world is still grappling to combat this disease, it is more important now than ever, that our industry focuses on the changing market demands and undergoes a complete evolution to be able to keep pace with the new way of living.
With the present emphasis on remote working, the importance of owning a home has been re-established as a secure and necessary investment. Thanks to the new normal work culture, the demarcation between home and workspace has disappeared.
There has been a paradigm shift in the buying preferences of potential consumers as they require a home that satisfies the emergent requirements of new normal.
Evolution in buyers’ preferences
During the past months of alternate lockdowns, our homes were turned into workplaces, classrooms for our kids and a place for us to unwind. In times like these, potential homebuyers seem to prefer multi-functionality, gated communities and homes with additional amenities. The primary focus in this period has been on ready to move in homes as customers are waiting to move in as quickly as possible during Covid times.
With demand and supply dynamics evolving, we will see an impact on the buying preferences of potential homebuyers. Below are a few key insights into the dynamics of change.
Homeownership: The concept of owning a home has regained importance despite an unavoidable economic slowdown and uncertainty in the market. People who were previously comfortable living in rented accommodations now prefer to invest in a property of their own. Besides, buyers’ emphasis on ready-to-move-in flats has gained momentum in comparison to pre-COVID times.
Digital transformation: The real estate sector, like all others, has also been swift in adapting and implementing digital solutions for engaging potential homebuyers. The world has, today, stepped into a digital world, where consumers are moving towards digital mediums to identify, research, visit, and finalise properties. From property searches, large scale transactions, capital deployment to virtual tours, digitisation is dominating the processes.
Distance doesn’t count: The trend of remote working is here to stay, and all industries have risen to this challenge and re-modelled their workforces accordingly. With the emergence of satellite offices and hybrid work culture, commuting will no longer be an issue; and this will significantly reduce the need to buy a home closer to the workplace. As a result, people are now more open to moving to peripheral locations that are more affordable.
WFH residences: With work from home becoming an integral part of our lives, developers are also expected to capitalise on this trend. New home décor will incorporate specially designed WFH spaces. Based on changing consumer demands, transformable or movable furniture, and spatial partitions are amongst the features that developers are expected to incorporate into future homes.
To conclude, the realty market will foresee new trends and evolved buyer preferences, which will lead to a better quality of living. The industry has risen to meet the challenges and will continue to reinvent itself to keep up with dynamic buying patterns.
This article is contributed by Karishmah Siingh, VP- Sales, Marketing & CRM, Salarpuria Sattva.
(The views expressed here are solely those of the author and do not necessarily represent or reflect the views of RoofandFloor)