Is the Health Crisis Driving Buyers Out of Urban Areas?
Is the Health Crisis Driving Buyers Out of Urban Areas?
![]() The pandemic has caused consumers to re-examine the components that make up the perfect home. Many families are no longer comfortable with the locations and layouts of their existing homes. The allure of city life (more congested) seems to be giving way to either suburban or rural life (less congested). The fascination with an open floor plan seems to be fading as people are finding a need for more privacy while working from home. Recently, news.com released a report that revealed how buyers' views of listings are leaning heavily to more suburban and rural properties. Here are the year-over-year percentage increases in views per property type:
In the report, Javier Vivas, Director of Economic Research for realtor.com, gives these numbers some context:
Realtor Magazine also just reported that the desire to move is strongest in our city markets:
New Construction Also Seeing a Surge in ViewsSince the pandemic has altered how consumers think about floor plans, builders are anticipating how future homes will change. In a recent press release by Zillow, it was explained that:
The Virus is Even Impacting the Luxury Second-Home MarketIt appears that COVID-19 is impacting the luxury market too. In an article released last week titled, Luxury Buyers Return to Market in Force, Danielle Hale, Chief Economist for realtor.com reported:
Bottom LineIt appears that a percentage of people are preparing to leave many American cities. Some of these moves will be permanent, while others will be temporary (such as a getaway to a second home). In either case, many consumers are on the move. Real estate professionals are ready and willing to help in any way they can. |
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