Top Home Features to Look for in 2022
March 14, 2022
During the latter half of 2020 as the Covid-19 pandemic greatly impacted the workplace, homebuyers moving to new homes wanted outdoor living space like pools and spaces dedicated to all things deemed remote for work and school.
Yet according to new research shared in Realtor.com, the top features buyers want to find has shifted. Forget swimming pools and big homes. Now, what buyers want is more flexible space to accommodate hybrid work if they’re back to being in the office two to three days a week.
With that requirement for more flexibility comes the continual need for first-time homebuyers to maximize their budget.
“In 2021, space was the housing story followed by affordability,” states Ali Wolf, chief economist at Zonda, a homebuilding consulting company. However, that feature has since dropped in its importance to buyers. “In 2022, affordability is the lead story followed by space,” she adds.
A recent survey from Zonda showed that homebuyers (especially first-timers) still desire large kitchens, designated offices, and outdoor spaces they can enjoy. But they’re also willing to give up some extra square feet to afford buying a home at all.
So how does this translate in the housing market? For one, townhouses are in greater demand, and builders have responded. By the third quarter of 2021, townhouse construction had grown 38 percent, according to the NAHB. By comparison, single-family home construction only grew 23 percent during the same period.
They’re also looking to make the most out of any existing spaces. Having built-in appliances like refrigerator drawers (that look more like cabinets) in a kitchen can free up a “home office” space to get work done or conduct Zoom meetings. Adding a Murphy bed to a guestroom can also free up space for a home exercise room.
Additionally, the NAHB predicts that more hybrid work means people aren’t exactly clamoring to escape large cities, as proximity to their workplace is again a driving factor when house-hunting.
The bottom line? The great migration of people moving from the city to the suburbs or the country appears to be nearing the finish line. Homeowners, new buyers, and everyday staff are finding better ways to live with their current situation and find an affordable place to call home.
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