Real Estate Trends
Jul 01, 2020 01:09PM
By Norma Flaskerud
Snippets of The New Reality in Real Estate
We have experienced first-hand some interesting changes in the real estate market since the pandemic shutdown began 3.5 months ago. For one, there is a strong surge of buyers coming from urban centers and more expensive areas in and around Silicon Valley to central Contra Costa County.
The suburban home with surrounding land and clean air to breath offers the ability to distance and enjoy your own backyard and grow your own vegetables and chickens. You can take walks without mobs and avoid elevators and enclosed buildings. It is more appealing than ever!
The new normal of working from home is expected to continue even as offices reopen. The theory is some may work at home for four days a week and drive to work one day, making a longer commute tolerable when done less often. Meanwhile, the suburbs afford families a healthier lifestyle. While our area has always been more affordable than the city, peninsula, or Silicon Valley, which in itself is more appealing, the draw of escaping the urban setting and sky-high prices of those areas is creating a buyer’s bidding frenzy on many homes. We are seeing new price points we’ve never seen before!
What is coming? Besides the move from urban life to suburban life and working from home (including a need for that home office/extra bedroom), many babies are being born to young millennials. They want to raise their children in a suburban lifestyle. They want to walk to town, access freeways easily, and enjoy lots of outdoor dining options (until they can dine indoors again)!
There is a new factor. The pandemic and additional time at home has given everyone the opportunity to rethink what’s important in life and how the home can reflect those priorities. In many ways, we’re asking questions about what we really want out of our personal and professional lives. As a result, some consumers will start making buying and selling decisions based on the quality of life, which includes opportunities for community involvement, advocacy, and political action. The threads we weave in our lives are varied and complex, creating a tapestry never before seen or anticipated. In our area, that translates into high buyer demand and a robust seller’s market.
Contact us for a market analysis and guidance on preparing your home for market if a move is on your radar. We also offer expert guidance on the home buying process. Flaskerud Team: Norma 925-766-6679, Erik 925-381-7276, Re/Max Accord