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Sell, Stay, or Buy? The Impact of COVID on New Home and Furniture Sales
Late Summer and early Fall have historically been great times to purchase a new home. That trend continues to hold, despite the recent coronavirus pandemic.
Mark Fleming, the chief economist at First American Financial Corporation, said in a Forbes interview:
“There are still many tailwinds for housing. The first is record-low mortgage rates, which incentivizes renters to buy as monthly mortgage payments come down. The second is the growth of working from home, home gyms, homeschooling, etc., that makes the home more important than ever.”
For those in the market for a new house or are just looking to upgrade their current residence, here are some ways consumers can make the most of purchasing new furniture for the home.
“…the growth of working from home, home gyms, homeschooling, etc. makes the home more important than ever.”
Mark Fleming, Chief Economist at First American Financial Corporation
Why Buy Now?
There is understandably a lot of timidity and uncertainty in the market due to COVID-19 keeping people inside. Homeowners aren’t as quick to sell because of global anxiety, and retirees who may want to transition into senior communities may be less willing to because of the higher health risks among older populations.
But this is also why it’s a great time to buy a home since some sellers are doing so at lower prices. For those who aren’t selling their homes, trends show they are investing in the homes they currently own.
Reports show that 46 percent of people who never worked from home before the pandemic now plan to work from home more often in the future. This has meant a bigger investment in furniture for home office spaces for many. It’s also meant an investment in healthier spaces, such as adding a standing desk that allows for periods of healthy mobility throughout the day.
Consumers are also investing in office storage since working from home requires organization and access to files and other office equipment.
Shelves have also offered alternative surfaces for offices or shared spaces needing more storage areas. And for those who have had to adapt living spaces into work environments quickly, multi-function furniture that can serve multiple purposes offers versatile solutions for work and entertainment purposes alike.
No matter whether consumers are looking to furnish a dedicated home office or are finding ways to incorporate office furniture into smaller spaces, work-from-home employees continue to make a significant investment in furniture that is reshaping the home landscape.
Bringing Life to Living Rooms
With so much focus on the home as of late, those looking to buy houses that offer spaces meant to serve as the home's entertainment hub.
Current homeowners also want to create spaces that separate their work/school life from their family and entertainment time. For this reason, media consoles are taking center stage as significant pieces of furniture that are not only functional but add to the aesthetics of the room.
Current trends show that consumers are willing to invest more in their spaces, which means a slant toward brands that offer robust furniture features with high design.
For new and existing homeowners alike, the top furniture brands today offer consumers more style, choice, and customization for their spaces, giving homeowners the chance to bring their home décor ideas to life.
Much like a new home, well-designed furniture is an investment, and consumers today are willing to invest in furnishings that will enhance their spaces—and their lives—for years to come.