“Are Americans feeling less enamored with the benefits of living in a large city?”
There has been much talk around the possibility that Americans are feeling less enamored with the benefits of living in a large city and now may be longing for the open spaces that suburban and rural areas provide.
In a recent Realtor Magazine article, they discussed the issue and addressed comments made by Lawrence Yun, Chief Economist for the National Association of Realtors (NAR):
“While migration trends were toward urban centers before the pandemic, real estate thought leaders have predicted a suburban resurgence as home buyers seek more space for social distancing. Now the data is supporting that theory. Coronavirus and work-from-home flexibility is sparking the trend reversal, Yun said. More first-time home buyers and minorities have also been looking to the suburbs for affordability, he added.”
NAR surveyed agents across the country asking them to best describe the locations where their clients are looking for homes (they could check multiple answers). Here are the results of the survey:
- 47% suburban/subdivision
- 39% rural area
- 25% small town
- 14% urban area/central city
- 13% resort community/recreational area
According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.
Real Estate Brokers and Owners Agree
Zelman & Associates surveys brokers and owners of real estate firms for their monthly Real Estate Brokers Report. The last report revealed that 68% see either a ‘moderate’ or ‘significant’ shift to more suburban locations. Here are the results of the survey:
No one knows if this will be a short-term trend or an industry game-changer. For now, there appears to be a migration to more open environments.
To view original article, visit Keeping Current Matters.
Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come. Buyer demand is high, inventory is low driving home prices higher.
Homeowners now have a large amount of equity in their homes and may decide to sell rather than wait for the bank to foreclose.
Home sales continue to amaze industry experts, and there are plenty of buyers in the pipeline ready to enter the market.
From pre-approval to making your best offer, here are three tips to make sure you can act quickly and confidently when you find the perfect home.
Know your options! Call your mortgage provider.
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