July 30, 2020
Moving surge due to COVID-19
Recent data released from the Pew Research Center has shown that 1 in 5 Americans have moved or know of someone who has moved due to the COVID-19 pandemic. Reasons for moving have included wanting to be closer to family, colleges closing, financial issues, the switch from working in an office to remote worker home, and finding homes that are more conducive in complying with stay-at-home guidelines and safety. For the past few months, the housing market has seen. greater number of buyers than available homes on the market. That seems definitely in line with the moving action that folks are seeing and experiencing during COVID-19.
Many folks who are moving out of the city perhaps rented there due to closer proximity to their work. Now that COVID-19 has pushed many professionals into working from home, the need to live in the city (and pay city rentals prices) doesn't seem necessary. Especially since many folks have experienced furlough or the loss of jobs due to the pandemic and its impact on the economy. Moving back in with family in the suburbs seems like a safer, less expensive move for folks, especially when thinking about health and financial security.
Others have decided to stop renting and start looking at houses for the security, making properties that are attractive to first-time home buyer in quite high demand. The fact that interest rates are so low now is another added incentive to those looking to make the switch from renting to buying. As mentioned before, the demand seems to be outpacing the supply as many sellers are hesitant to sell their home during the pandemic for fear of catching the virus during meeting or showings for example, thus many are delaying the sale of their home until the pandemic subsides. Sellers may also not be feeling the urge to move like some buyers are, especially first-time home buyers. They are more content stay put until things calm down.
It is undeniable the impact that the COVID-19 pandemic has had on the the world and the United States. As there is no projected end of the pandemic, it is difficult to say whether the trend of moving in relation to COVID will continue. While moving can seem daunting, let aloe the decision whether or not to do it, Locations Real Estate Group is always here to help you at every step of the way. We understand how uncertain and stressful things are and we are here for you! Don't hesitate to get in touch and we will go from there.