Real Estate Trends to Watch; Renewed Interest in Suburbs

We’ve lived in an uncertain world for more than two months, as the coronavirus pandemic has affected the economy and real estate industry. As the country works to reopen over the coming weeks, we are watching closely to see where the market’s headed and what that means for you, whether you’re actively buying, selling, or just looking. In the meantime, here are a couple trends Long & Foster expects to see going forward.

Renewed interest in the suburbs. After consumers have spent weeks in their homes social distancing, many may be thinking about getting a place with more space. Instead of moving to a downtown condo, buyers might look towards suburbia, where they can get larger properties with yards. Already, we’ve seen a rise in sales of single-family homes, according to data from Bright MLS.

A balanced market. Supply and demand drive the real estate market, and we’ll see the two better balanced as we move into the recovery. While inventory remains low, demand for these properties has leveled out. For more serious and qualified buyers, this gives you more space to get the product you want, all with continued low interest rates.

If you have any questions about the real estate market, please don’t hesitate to contact us. As always, we hope you and your family are staying safe and healthy.