Spending more time at home has most people developing strong feelings about their property.
In a recent survey of homeowners, 44% of respondents stated that they were feeling less satisfied with their homes since the beginning of the pandemic. Unfortunately, this makes sense: There’s a sense of feeling “trapped” when it’s required to remain inside; we’re missing the venues we used to frequent and perhaps noticing additional flaws of the home while spending more time there.
Satisfaction was reduced even further when the respondents were stuck at home with their children. Those with children were ten percentage points more likely to feel less satisfied at home. Homeowners with smaller homes or that had a lesser number of bedrooms in their homes were also feeling the squeeze. This is not to say that a smaller home is automatically less enjoyable – it just may require more creativity and ingenuity to be included in the third of respondents who reported appreciating their spaces more.
What is the problem?
One aspect the pandemic has had an impact on is people’s alone time. On average, respondents said they preferred 8.4 hours of alone time a week, but they were only getting 7.1 hours since the pandemic. Out of the 42% of respondents that reported they find it difficult to get alone time, most have felt the need to lie to get some personal time, feigning walking the dog, working on a home improvement project, and more.
So…what is the solution?
Once they realized that they were unsatisfied with being stuck in their current home, 38% of respondents said they pivoted to working on a home improvement project while spending more time in their homes. And with some free time on their hands, people have been contemplating what they want to update or add to their homes. The most popular feature people want to add is a home gym, at 41%, followed by a home office at 37%. Thirty-two percent said they’d like to add a game space, while 31% said they’d like to update or add kitchen space. A garden space was a popular answer at 28%, followed by an in-home theater at 27%.
When a simple home improvement project won’t cut it, other homeowners are focusing on upgrading their living situation by moving to a new property. Homeowners that can’t find the space in their current home are lusting after features like a home gym (18%), home office (13%), and larger kitchen space (12%). In our Western Pennsylvania region, inventory is low, so many homeowners seeking a better fit for their new lifestyle are finding it difficult to win the bidding wars to give them access to this new property; however, more than 90% of polled buyers find that these buyers feel their efforts are worth it.
If you’re interested in moving to a new home that better meets your needs, reach out to The Dallas-Fincham Team for a free consultation to discuss your options. Because who you work with matters.