How Did Covid-19 Affect Real Estate?
Covid-19 made the world realize the power from being able to work from home. Now, If you can live anywhere, have you put together a plan of where and why?
As more of us are becoming part of the WFH Movement (working from home) during the COVID pandemic, the real estate landscape is undergoing some fundamental changes. The big cities no longer occupy the top of anyone’s hottest housing markets list. In fact, it’s the smaller, more affordable parts of the country topping the list of the country’s most desirable real estate markets.
But it’s not just affordability that’s upending the real estate landscape. Buyers are looking for mature local economies, larger homes, access to the outdoors and a quality of life not offered in the larger metro areas
Recently, Realtor.com compiled a list ranking the hottest U.S. markets for real estate by tracking metropolitan areas where homes are selling the fastest and where the most potential buyers are clicking on virtual property listings. And the list might surprise you, especially since the average median home list price in the 20 hottest markets, spread out across 17 states, was just $299,000. And that was 21.4% lower than the national median price tag of $380,000.
Take Burlington, North Carolina, which occupies the top spot in the latest list. Besides offering plenty of high-tech jobs, the median price in Burlington was just $290,000. And for less than $190,000, you could find a 3-bedroom, 2-bath house on about a quarter of an acre. But the competition is heating up, as homes for sale in Burlington received 2.5 times more page views than other places. And most homes in Burlington sold in less than 18 days.
The Hottest List
If you’re thinking of moving and you can go anywhere, you might want to check out some of the areas on the hottest list. But if you’re thinking of moving and changing jobs, make sure you make a plan to weigh the benefits and drawbacks ahead of time. And make sure you really pay attention to your new employer’s benefits, especially since COVID has also fundamentally changed benefits packages too.
Advice from a Financial Advisor
Almost all of us need to save more, manage our money better, follow a financial plan and view our entire life from a more holistic perspective. This is especially true if you plan to move to another city and take a new job.
Your financial advisor can help create a personalized roadmap specifically tailored to your hopes and dreams – with far less worry than if you go at it alone. And your financial advisor doesn’t just care for your financial well-being.
Your financial advisor Scott Lowe cares for all of you.
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