Hottest Properties During Covid-19 Pandemic
Q: Is it true that suburban homes are more valuable now than properties in cities because of what’s happening with coronavirus? Stan, Morris Plains, NJ
A: So far, in the markets I operate in in North Jersey, there seems to have been a shift in buyer demand–higher demand for vacant homes, homes with backyards, homes with home office space and pools.
However, the initial perceived changes in demand caused by the pandemic may or may not continue in their current trajectory. Although many people have already predicted a flight from cities to suburbs and more rural areas due to the initial impact of the virus on cities, right now most of the covid-19 hot spots tend to be in more rural areas, so it’s unclear whether this initial change in demand will be a lasting trend both short term over the next year and more long term over the next 3-5 years. The staying power of this recent change in demand will depend on virus mitigation efforts in each local real estate market. Thanks for your question, Stan.
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