Home Buyer Interest Moves To The Suburbs
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. 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 are looking to locate further from the office either 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.”