Because the pandemic has affected the employment of thousands of Americans, the real estate market has suffered immensely as well. It has been harder for most Americans to achieve and by their dream homes. But for existing homeowners, their home’s value increased, resulting in the opportunity to further improve their homes.
Effects of Pandemic
The Washington Post mentions that real estate prices have changed since the pandemic. Forbes agrees: the housing market suffered immensely due to the ongoing health crisis around the world.
According to The Washington Post, the value of homes has increased to 25 percent, and $1 trillion worth of new wealth has been created for existing homeowners. On average, existing homeowners are 80 percent wealthier than renters. Because of this, these current homeowners bought new homes and invested in new properties; this increased a demand that made it difficult for first-time buyers to purchase a new home.
It has also been harder to purchase new homes for first-time buyers because sellers and existing homeowners are hesitant to sell their homes in the market. During the pandemic, around 25 percent of homes were delisted. Forbes also saw a drop in the demand for purchasing new homes.
Usually, a decline in demand leads to lower prices. However, Forbes mentions that this is not the case.
Despite the housing market being severely affected by the pandemic, it did not stop existing homeowners from improving their homes. As the latest advancements are discovered to make homes better, these advancements are incorporated into existing homes. Some of these innovations are also because of the needs of homeowners during the pandemic.
Smart home gyms
As the fourth wave of COVID-19 reaches the US, homeowners prepare to weather the storm. Due to people’s experience of getting locked down at home and gyms closing, homeowners incorporated smart home gyms to keep them active during the world health crisis.
Smart home gyms come in giant touch screens that easily transport and make people feel that they are working out in a real gym. With these big screens, homeowners can interact with virtual personal trainers and join live on-demand fitness classes.
For advanced smart home gyms, sensors are incorporated. These devices can monitor and track a person’s workout session. There’s even a virtual spotter that can see if a person is struggling with a workout.
As more people stay at home, sometimes, the internet connection becomes very slow. What more when most people install smart home devices into their homes that require Wi-Fi connectivity? This is where mesh Wi-Fi comes in.
A mesh Wi-Fi is not an entirely new concept, but it is smarter than a regular router. It uses AI to eliminate dead zones in a home. The result is uninterrupted Wi-Fi connectivity at faster speeds. The concept of mesh Wi-Fi is simple: regular routers broadcast Wi-Fi from a single point while it has a system that creates multiple access points.
Bathrooms are a necessity in each home. This is where we do our daily “business”; for some homes, it has been a sacred place where one can enjoy some privacy and relax. Hence, technological advancements have been introduced to have a great bathroom experience.
For instance, as simple as having a hot and cold bath or shower can remove a person’s stress. Some people feel that having such is already a luxury; the good news is you don’t have to spend much on it. Simply installing unvented cylinders can provide a bathroom with this luxury.
An unvented cylinder is a better version of traditional vented cylinders; it is hooked directly to a bathroom’s primary water source; this improves the performance of your hot and cold faucets and gives a relaxing shower and bath experience.
Aside from this, some homes now have Bluetooth speaker showerheads. Music can instantly uplift a person’s mood, and having one in a bathroom is a smart idea. In addition, some bathrooms now have mirror demisters; this technology is essentially a heated bathroom mirror that can remove the mist and condensation formed on the glass.
Incorporating smart home technology
There are several reasons why people need to incorporate smart home technologies into their living spaces. In the United States, most Americans feel that using such technology has helped them feel more secure in their homes.
Through smart technology, they can easily monitor their homes while they are away. At the same time, some people expressed that they are better protected from emergencies like fires and floods through smart technology.
On top of this, smart home technologies improve a person’s lifestyle and bring convenience to a homeowner. Hence, the future of residential real estate is clear: we will see more and more smart technologies in each modern American home.