Two New Surveys Indicate Urban to Suburban Lean
Jeff Adams September 13, 2020
Jeff Adams September 13, 2020
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.
According to real estate agents, there’s a strong preference for less populated locations such as suburban and rural areas.
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.
Stay up to date on the latest real estate trends.
The pandemic has led to both personal and economic hardships for many American households.
As a result, Americans are expected to move in record numbers this year.
If supply remains low and demand is high, prices will continue to increase.
If you’re aiming for homeownership someday, it may be in closer reach than you think.
Here are five keys to success for this important stage in the homebuying process.
Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
Similarly, others who already have their homes on the market remove their listings until the spring.
That, however, may make it the perfect time to buy your first home or move up to a larger one.
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JEFFREY ADAMS
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