Are Puget Sound People Actually Buying Away From the Metro Area? House by a River, in a Valley, Far From the Metro Area? These are some of the more popular searches we are seeing in the real estate market throughout Snohomish and King County. While the housing market, in general, is taking a bit of a hit during the coronavirus outbreak, urbanism may be taking a larger hit as a result of it.
According to Redfin, more people are looking for houses “by a river, in a valley, and far from teeming cities” extending that isolation protocol permanently. Is it the high cost of real estate in downtown Seattle and Bellevue or is it the fact that more and more people are working from home, realizing they can, and are now looking at a different lifestyle, away from the bustling downtown city noise, traffic, and congestion?
Many real estate professionals are assuming that people may just decide to work from home permanently and if so, there’s no need to live as close to downtown as they once did. People may even be moving to farther locations such as Eastern Washington, Idaho, or across the country based on the cost of living.
Home buying demand is down about 15% according to a recent Redfin statement but over the last week, we’ve seen a slight increase in new homes hitting the market even though it’s now an all-time low for April. Zillow is also seeing new listings and pending sales increasing as we head into May.
With the initial shock of coronavirus, most people’s first response is not let’s go buy a home. But now people are eager to get a deal on a property and are realizing that there are a lot of homes out there that need a buyer at affordable prices. We’re seeing a lot more buyers and sellers coming back into the market.
However, this is much different than the 2008 recession, which was created by the housing market. This is an extenuating circumstance and people are still buying and selling because rates are low and there are a lot of incentives to buy right now as well as cell. Once we’re out of the economic shock, people are going to stay in and consider that this might be their chance to buy.
If you’ve been holding off buying or selling now may be a great time to consider selling or buying away From the Metro Area. Businesses are opening up, there are more buyers on the market, and more sellers are pulling the trigger to list their home before the start of summer.