How has the pandemic affected buyers’ home preferences?
Over the last few months, we’ve seen a massive influx of people moving from the city (New York, specifically) to the suburbs. This comes in contrast to the last few decades when people increasingly preferred cities over suburbs. Studies have shown that each new generation of young people has been more and more likely to move to the cities and stay in them even after getting married and starting a family. Of course, post-coronavirus, this may well change.
Many people will continue to work from home after the pandemic subsides.
”The most obvious reason why is health. Urban areas are more crowded, which means greater exposure to potential viruses. Also, shelter-in-place orders are harder to bear in an urban environment; by comparison, a house in the suburbs can offer more space, a backyard, and easier access to areas where you can exercise and spend time safely outdoors.
Additionally, workspaces are changing. Many people will continue to work from home after the pandemic subsides. The need for commuting will be greatly reduced, so living farther out for a lower cost is certainly more appealing.
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