50% of City Dwellers Would Move if They Can Work From Home

NEW YORK – The COVID-19 pandemic has inspired lots of American customers to move from dense city centers to scaled-down metropolitan areas, suburbs and rural places, even while some will return to standard work options following the COVID-19 pandemic passes. For these people, the “long commute” cause to stay clear of a property has taken a backseat to their drive for additional room, privateness and security.

In April and May well, 27% of the additional than one million Redfin customers looking for homes did so exterior their metro spot, and a different Redfin survey observed that 50% of respondents from New York, Seattle, San Francisco and Boston said they would move if the possibility to work from property turned long lasting.

However, the pandemic has additional an ingredient of threat to any moves given that some scaled-down towns and metropolitan areas face financial hardship during the pandemic.

In addition, the drive to move out of metropolitan areas is not new to the pandemic. Before it began, lots of rich customers were being presently leaving major city places, specially those in the Northeast where the tax stress is substantial, for lessen-tax states like Florida.

“A whole lot of people from the Northeast were being transferring right here prior to COVID because of to tax reform,” says Phil Gutman, president of Brown Harris Stevens Miami. “Between that and this pandemic, it is a great storm.” In places these types of as Palm Seaside County, new contracts on single-family members homes are considerably up in every cost bracket.

Originally, Gutman says people were being on the lookout for rentals in South Florida to wait out the pandemic, but now they’re shifting to shopping for.

West Florida is also benefiting, says Niel Allen, a broker with Douglas Elliman in St. Petersburg, with customers coming not only from the Northeast but also California and South Florida as they’re drawn to lower-density, scaled-down metropolitan areas.

Gutman says customers can nonetheless get favorable bargains in South Florida, but he expects the level of competition to warmth up in the coming months.

Subject areas: Mansion Global (07/10/2020) Schubach, Alanna

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