The real estate market has been on fire this summer and there has been a noticeable change in buying trends. The appeal of city living has been heavily impacted by Covid-19 and city dwellers are quickly seeking distance in the suburbs. Many agents report that a large number of buyers from Connecticut and New York have entered the already competitive buyer pool, particularly in communities with a strong school system. Buyers are looking for something different for “when this is all over.” Paul Zarrella, Broker and Owner of Williams and Stuart says “Recent events have caused a migration from large cities to the suburbs, and Rhode Island has been the recipient of many transplants whom have been given the latitude of working remotely on a more permanent basis.”
Getting back to “normal” has provoked many buyers to ask themselves what they want their new normal to look like. There is a major trend in buyers wanting more land to enjoy without having to be in contact with others as well as extra living space and a good home office space. Buyers are hopping on any opportunity they can get that offers everything they would need if another crisis was to ever occur!
Another segment of house hunters is the younger generation on the fence about buying versus renting, with the COVID-19 crisis forcing them to evaluate their situation and act with a sense of urgency. With everyone spending a majority of time at home, there has been extra time and incentive to meet with a real estate agent, get pre-approved, search for homes and attend virtual open houses.
As the real estate market continues to move along at a very rapid pace, it has caused supply to reach a record low, while demand is near an all time high. Homes are flying off the market left and right! Desperate buyers are offering above asking price because they want a new place to call home!
If you are looking to buy or sell your home, give us a call at 401-942-0200!