I have received a lot of questions lately regarding the real estate market. I don’t know about other areas, but it’s still quite brisk in CO and our local market. Based on articles I’ve read in the Wall Street Journal, I personally believe we will begin to see some larger demographic shifts in the next 5 years. This will be due mostly to the ability to telecommute. As more American workers can choose where to live but keep their job, many will choose to move from larger urban areas. Smaller towns can offer more affordable housing for one thing. I found this article very interesting regarding how many and why people are currently considering a move. I believe there will be more as people are able to return to work whether due to a layoff or new career.
Give me a call if you are interested in what your home may be worth or are considering a new home with the incredibly low interest rates.
Source: Apartment List
Moving, whether for opportunity or adventure, has long been cemented in the American psyche. It may be motivated by a pursuit of education, career advancement, a desire to own a home or start a family, or simply a change of pace. But while Americans have historically moved more frequently than those in many other countries, the U.S. mobility rate has actually been declining for the past 35 years. According to the Census Bureau, over 20 percent of Americans changed homes in 1985; by 2019, that rate had been cut in half.
Now, as the coronavirus pandemic continues to uproot daily life, there are many reasons to think American mobility will rebound. For one, a number of large companies are embracing remote work beyond the pandemic, meaning their workers are no longer tied to a particular location. Plus, months of sheltering in place has many urban dwellers thinking about greener (and more spacious) pastures. And at the same time, millions of Americans have recently lost their jobs, leaving them with no choice but to move in with family or find some other more affordable living situation. Lately there has been much anecdotal speculation on these trends. In this report we analyze recently collected survey data to get a more concrete idea of how the current pandemic will shape American mobility…Read More