How Covid has impacted the housing market

How Covid has impacted the housing market

The Covid-19 pandemic has re-ordered the real estate across the real estate market across the U.S, Some of this may be irreversible.

Some of the questions being raised are: will people feel safer living in the south and southwest where they can social distance all year, will companies let employees work remotely forever, and why shop in person when you can shop for everything online?

The answers to these questions will shape which cities and states will experience the most growth in the next 3-5 years and which ones will not.

In general, people are looking for warm, healthy, less dense, better educated, close to outdoors, better hospitals, smaller schools, and open spaces.

The fallout of COVID-19 could re-shuffle America permanently.

According to George Ratiu, Senior Economist at realtor.com, “Real estate markets have undergone noticeable shifts since the start of the coronavirus pandemic. In the wake of the lockdowns in March, Americans discovered that existing homes were not adequate for the new work, teach, exercise, cook and live at home reality. People are looking for more space, quieter neighborhoods, home offices, newer kitchens, and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas.”

It is clear the pandemic will have lasting effects for years to come.

Don’t hesitate to contact me with any real estate quetions.

Sincerely,

Michael Bloom

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