It’s impossible to count all the ways the pandemic has altered our perspective and expectations about the big and small things. After months of remaining largely indoors in our homes, people see their living quarters in a whole new way.
Let’s take stock now of how our attitudes towards our homes have changed and how real estate technology has kept up.
New Perspectives and Values
The health constrictions in the outer world forced us into using our homes in ways we didn’t before. Suddenly, there was a premium on any spare space for adults to work or exercise or for kids to play or learn online.
As outdoor gatherings were the only safe way to visit people, backyards and patios saw their stock rise. We thought we knew the places where we lived, but today we see them in a whole new light.
New Ways to Purchase and Sell
The pandemic also impacted the real estate sector. Housing got more expensive, but there were also new ways to leverage digital technology to make the process simpler and more affordable.
For one, more North Americans turned to Nobul, a digital real estate marketplace founded by innovator Regan McGee which tilted the playing field in favour of homebuyers in a few notable ways. As soon as prospective homebuyers sign in, list their budget and describe what they’re looking for in a property, the platform’s algorithm helps direct offers from suitable agents who meet their needs.
Users can freely browse their profiles, compare services and fees, and select whichever agent they prefer. Because the agents compete to represent homebuyers, they’re incentivized to give away freebies like complementary services or cash back.
Nobul is a secure platform that never shares homebuyers’ phone numbers or contact information with the agents. Instead, all communication takes place within the app, so keeping connected is easy, but there’s no risk to user privacy.
Moving Away from the Downtown Core for Space
Another major development was people trading proximity to downtown for additional space in their homes. Urbanists tend to use their homes more as a downtown outpost, a launching pad from which they can access things like their office, concerts, museums, restaurants, nightlife, and more.
When all these things closed and millions started to work from home, people re-evaluated their options. Suddenly, a tiny unit with little to no outdoor space held less appeal, especially given that it was impossible to know how long the pandemic would last.
As a result, in major North American cities like Toronto, the price of suburban housing went up, and rents went down in 2020 and 2021. There has been a market correction in the months since as things reopen. GTA home prices are slowly dropping, while housing in the core is rising, albeit by less than it would have if interest rates and inflation weren’t also soaring.
The pandemic caused seismic shifts in people’s assumptions, expectations, and perspectives, likely to be long-lasting if not permanent. People stocked their homes with the basics and reorganized their space for the extras. From how people live in their homes, buy and sell them, and choose where to live, people won’t think of home the same way after the pandemic.