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Strong Recovery in Real Estate: Sales Become Competitive in Suburbs

Posted at 11:06 PM, Jul 02, 2020
and last updated 2020-07-02 23:06:01-04

LANSING, Mich. — A few months ago, housing market experts were unsure how the real estate would rebound during the pandemic.but now, Alicia Nieves shows us they are not only surprised by the strong bounce back, but also by a new trend.

The housing market haulted tt the start of the coronavirus pandemic in the U.S. But now housing Economists have been optimistically surprised by the return of buyers to the market.

Economists like Skylar Olsen with Zillow, say this sector of the economy is seeing the strongest recovery. “A lot of multiple offers, a lot of properties that are coming on the market and having showings within a couple of days and a lot of multiple offer situations.”

Over the last few weeks New York City Area Realtor Michelle Pffeffer has noticed not only a strong market but a new trend... the most competitive sales are with homes like this one... in the suburbs. “We are definitely seeing more people moving out of the city." “We are getting people who have been in quarantine for a couple of months now in small quarters and maybe have decided that it is more of a priority to have a yard and space.”

Lingering uncertainty around the pandemic, and a possible second round of closures and self-quarantines... have motivated many of these moves. “I think that that is a big part of it, but also because we have had a big technological shift. Companies that weren’t offering remote work options previously were sort of forced into it and found that it was effective. Which means that they don’t have to be in the office every day and it gives them the opportunity to live in further distances.”

New York City is so far one of three cities, seeing the trend of a substantially higher number of people moving out of the city and to the suburbs according to research by Zillow.

The company is monitoring sales and home searches to see if this is a trend that will spread to other major cities, or not. “This experience can bring a lot of changes to housing but it is a little bit too early to see how we’ll actuate that out and you can imagine a lot of different ways that can play out.”

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