The coronavirus pandemic is sure to have long-reaching consequences in all walks of life, but some of these consequences might surprise you.
For example, the pandemic might completely overturn recent trends regarding where people choose to live. Over the last three decades, people have increasingly preferred cities over suburbs. Recent studies show that each new generation of young people has been more and more likely to move to cities, and many opt to stay in those cities even after getting married and starting a family.
Post-coronavirus, this may well change. The most obvious reason is health. Urban areas are more crowded and involve more human interaction, 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, workplaces are changing. Many people will continue to work from home after the pandemic subsides. Along with falling gas prices, this makes long commutes a smaller issue than it had been in the past.
A recent Harris Poll showed that 46% of city-dwellers are considering a move, compared to just 26% of suburban residents and 21% of rural residents.
While home sales nearly came to a halt at the end of March, that’s now changing. Demand is rising, with Zillow and Realtor.com both reporting increased search traffic and buyer inquiries. In the Madison area, I can certainly vouch for an increase in activity.
Granted, this situation changes daily, but I stay on top of the local Madison area market. Whether you’re thinking of buying, selling, or just need some advice, give me a call or shoot me an email and I’d be happy to guide you. I hope you and your family stay safe and healthy.