Traditionally many people across the country love to purchase homes in urban cities. Populated cities give the advantage of being close to entertainment, shopping, restaurants, and grocery stores. Being able to walk to main attractions without commuting is a perk of city living. The disadvantage of living in the city is lack of space and privacy.
Social distancing has caused many families to re-evaluate their lifestyle and as a result many are considering trading in city living for suburban or rural living.
George Ratiu, Senior Economist at realtor.com states:
“With the re-opening of the economy scheduled to be cautious, the impact on consumer preferences will likely shift buying behavior…consumers are already looking for larger homes, bigger yards, access to the outdoors and more separation from neighbors. As we move into the recovery stage, these preferences will play an important role in the type of homes consumers will want to buy. They will also play a role in the coming discussions on zoning and urban planning. While higher density has been a hallmark of urban development over the past decade, the pandemic may lead to a re-thinking of space allocation.”
According to The Harris Poll survey, 39% of the 2,000 surveyed indicated that COVID-19 has caused them to consider moving to the suburbs.
This may be the start of a new shift. Employers have realized that employees can work remotely from home and still be productive. Internet access has increased in rural and suburban areas as noted by the Pew Research Center. Therefore, more families are considering working from home and relocating to less populated areas.
If you own a home in the suburbs, now may be the perfect time to sell. There will be an increase in buyers searching for rural homes, therefore take advantage of this demand. If you are thinking about buying a home for your family, you may want to consider the suburbs as it may be a new way of living for many families. Let’s connect today to discuss the options available in our area. Contact South Florida's Real Estate Experts at Prestige Waterfront Realty by calling 954-830-7000 or emailing Tegov@AskPWR.com.