The National Association of Realtors’ consumer website recently released the results of their quarterly Cross Market Demand Report, which looks at the homes and neighborhoods prospective buyers are searching online. According to the results, the coronavirus continues to influence home buyers’ needs and preferences. Buyers are looking more and more towards the suburbs.
Shift Towards The Suburbs
For example, 51 percent of views from residents of the country’s 100 biggest cities went to properties in the surrounding suburbs. That’s an all-time high and further evidence that the pandemic has caused a shift in what buyers are looking for in a house and neighborhood. Danielle Hale, the site’s chief economist, says home shoppers are increasingly interested in smaller towns, further from work. “We see lingering effects of the coronavirus on shopping behavior and preferences,” Hale said. “However, those looking elsewhere are much more likely to be looking in smaller, nearby markets. With remote work more common and accepted, it seems that people moving further away from the office. People are either seeking to enjoy more space at a better price or get closer to nature in the mountains or at the beach. At this point, they are not venturing too far away.” Follow the link for more information (source).
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