According to a recent MReport, the COVID-19 pandemic is causing Americans to look for larger homes. Real estate experts at Redfin revealed that sales of large homes rose 21% in July. This increase represents a rate of sale that grew nearly 10 times quicker than small home sales growth. However, small and medium sized homes are experiencing price surges. The article stated, “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”.
WHAT ARE EXPERTS SAYING ABOUT THIS?
Expert Daryl Fairweather concluded that most Americans prefer a larger home, no matter what is going on in the world. However, due to the pandemic, many Americans are spending a significant amount of time at home, which is encouraging homebuyers to seek out bigger houses. Additionally, homebuyers are attracted to homes with larger yards. Fairweather also stated, “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 commented that people may be searching for larger homes that include office space. Because so many people are working remotely, having an at home office has become a major trend.
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