There appears to be a pent up demand. What started as a subtle shift has quickly become a home buying trend.
Suburban areas that have seen declining values for years are suddenly attracting large numbers of prospective buyers. Multiple competing offers for listings in turnkey condition are becoming commonplace in such areas. No one knows how long this sudden new demand will last, but one thing is for certain, a large number of buyers are former city dwellers who have opted to become permanent suburban residents. It begs the question, how many renters in suburban areas will follow suit and turn into home buyers?
This pronounced interest in suburban and rural areas comes as the market recovers from pandemic induced shutdowns. Views of online home listings in such areas have risen sharply in the past month. No doubt the desire for more space and the ability for many to work remotely have propelled much of the interest. The number of people applying for mortgages has also increased dramatically according to the Mortgage Bankers Association.
While we do have to wait to find out if the flow out of the city will continue through summer, the suburbs will likely benefit for some time. The change in thinking that propelled this trend will likely continue even after the markets settle back down.
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