Unless you are a virologist, it’s probably a safe bet that ‘quarantine season’ has outlasted anyone’s expectations. With social distancing still the social norm, the market for second homes is booming. Earlier in the year this market saw a dip with economic uncertainty though demand later skyrocketed. As people are still largely distancing from many activities, staying at home has pushed many people to finally shop for their dream second home. Additionally, the unprecedented work from home trend offers the flexibility to work from anywhere. I’d personally take a lakefront view over the corner office any day.
As with many other areas of modern society, the pandemic has accelerated growing trends. In this case, there is an acceleration in the rate of people migrating to more southern and western regions of the US. Americans are now moving faster than before the global outbreak. Even with this macro trend, residential estates seem to be in demand everywhere across the country (Forbes).
Increased workplace flexibility is partially to blame with the accelerated adoption of flexible or totally remote roles. While throngs are moving out of the crowded northeast, there is a growing emphasis on suburban areas. Many people are finding that they need more space due to growing demands on home space. Virtual work, education, and social interactions are all happening within the confines of American homes leading many to find their spaces ill equipped for the new daily demands.
While people want a bigger home, “many Americans are seeking affordability again, leading many buyers into suburban neighborhoods and away from high-cost, high-density urban downtowns” (Forbes). Many Americans are also kindling a newfound appreciation for the outdoors, pushing many to shop for a home with access to outside amenities. I certainly would if I had spent quarantine in a NYC studio. “The hottest housing markets in the new landscape are cities which offer desirable amenities—larger homes, leafy neighborhoods, access to the outdoors, walkability and proximity to grocery stores—in a more affordable package” (realtor.com).
Home owners aren’t the only ones relocating, many businesses have their own migratory patterns. San Antonio in particular is one of the top 15 cities where businesses are relocating (Forbes).
If you’re looking for a home, or a second home right now, you’re in good company. We might be biased but with such a competitive buying market, we think custom is certainly the way to go.