Friends and Clients --
The coronavirus pandemic is sure to have long-reaching consequences—some of which might surprise you.
For example, the pandemic might completely overturn recent trends of where people choose to live.
For the past three decades, people have increasingly preferred cities to suburbs. In fact, according to a recent study, each new generation of young people has been more and more likely to move to cities. Many stayed on in cities, even after getting married and having a family.
Post coronavirus, that may well change.
One obvious reason is health. Urban areas are more crowded with more inevitable interaction and possible exposure to viruses.
Another reason is that shelter-in-place orders can be harder to bear in an urban apartment. By comparison, a house in the suburbs can offer more space, a backyard, and easier access to areas for biking, jogging, and spending time safely outdoors.
Finally, workplaces are changing. Many people will continue to work from home after the pandemic passes. Along with the dropping cost of gas, this makes long commutes a much smaller issue.
Unsurprisingly, a Harris poll performed on April 25 through April 27 found 46% of city dwellers are considering a move. This compares to 26% in the suburbs and 21% in rural areas.
This is not just empty talk. While home sales nearly ground to a halt at the end of March, things are changing. Demand is coming back up, with Zillow and Redfin both reporting increased search traffic and buyer inquiries. Around Austin, I can definitely vouch for increased activity.
Of course, the pandemic is still ongoing. I hope this information will be useful in case you were thinking of buying or selling a home before the pandemic arrived—or now that it's here.
If you are interested in buying a home, you can see the complete Austin listing of available homes here:
If you've been thinking of selling your home, I can tell you demand is still very strong. In case you want to get an idea of what your home could sell for, take a look at this calculator which takes into account recent Austin sales:
As I said, the pandemic is sure to have long-term consequences. The situation is changing day by day, but I stay on top of local Austin market conditions and trends. I can help you make a smart decision given your particular situation. So if you have any questions—if you're buying, selling, or just looking for advice—give me a call at 512-829-8000. I'm here to help.
Have a great day,
Looking to buy a home? Looking to sell a home?