Coronavirus Pandemic is halfway done, or at least we believe so. While life has come to a standstill because of the lethal virus taking thousands of lives, people still have to think of the future. People considering a house move have started planning for a house purchase and the trends show that more and more of them are inclined to pick a countryside location, a decision pole apart from the inclinations before COVID-19.
It has been weeks since the people in most of the states in the US are living under strict lockdown regulations. This has given people enough time to think about their lifestyle and evaluate the spaces they are currently residing. What most of them have consumed is that it is now time to move on and the best places where to move.
The cross country movers associated with movingfeedback.com state that most of the queries that come to them are related to a countryside move. The real estate industry trends too indicate that the new choice for a house purchase is a house in a village or a countryside location. This could be a big step for people who were leading a well-facilitated and hi-fi life in cities like New York or Los Angeles.
The real estate experts quote that this in fact is a wise decision, specifically for those who are first time buyers as the cost of buying a house is cheaper in the countryside locations than renting a much smaller apartment in these prime cities. Moreover, the Coronavirus outbreak has taught that small towns and villages in the countryside are safer than the prime cities. Although there might be less medical and health care infrastructure in the countryside localities, the chances of contamination are also comparatively lower, keeping more and more people safe from the infection.
The number of people willing to move out of the city has risen when compared to pre-Corona conditions and people are ready to move as soon as given a chance for safe relocation.
Evaluating the long-distance relocation:
While the US is preparing to curb the situation and would soon have a plan to come out of the pandemic, it is expected that some of the lockdown regulations including social distancing, public transportation limitations and travel obligations would be there for at least a year and a half.
Moreover, the work from home culture has also taught many of the employers that they can seek performance from their employees while also allowing them to balance their work and home life. This actually saves them from a range of operating costs as most of the companies are already operating on WFM model which actually provided more flexibility and employee productivity.
As the daily office commute may no longer be an obligation, not many people would be against travelling to the workplace once in a week, even if the commuting time and distance is longer than before.
The buyers would however choose to buy a house in a countryside location that is well-connected and facilitated. Also, there would be necessary checks about the amenities available to the residents in such towns so they can carry on their work from home working model efficiently.
The lockdown life has made people acquainted with staying more and more at home while rendering their duties at the workplace over online platforms. They won’t mind travelling a few extra miles if allowed to stay at home most of the weekdays.
Property value to be considered:
Various real estate surveys have concluded that the property at a countryside location would be more promising than flats and prime houses in the most livable towns of the US. People have weighed their options thoughtfully and are searching for towns that are well connected and allow them to invest in a house that offers them future security of price and value.
Unlike before, when people would run to a countryside location to spend a weekend, the trends would be more included towards residential unit purchase unlike before when vacation homes were in great demand. The pandemic drastically affected vacation homes because cities were put on lockdown and people were encouraged to stay indoors. Because of this, the need for a timeshare cancellation company was on the rise. Vacation home owners who had their property up for rent suffered significant losses which forced some of them to cut their losses.
Where are people preferring to move?
A list of countryside hotspots has been prepared where more and more residential options are available with an affordable price tag. The list includes Counties in Kentucky, Pennsylvania, Illinois, Texas, South Dakota, Iowa, New York, Oklahoma, California, North Carolina and more.
The trends show that people are choosing a location that keeps them at a reasonable distance from the prime cities while offering seclusion at the same time. Previously hit as spots for escape from the city’s hustle and bustle, these towns are now being considered for upgradation of accommodation by buying a more permanent and substantial home.
The value gap in the prices and the ability to buy additional space at the same price is the key motivator besides the sense of security and a lifestyle change.
Outdoor spaces motivating people to move:
Buying a home in a city is always followed with a compromise for space. Obviously people would choose an extra bedroom in place of the terrace when valuing a house for purchase. However, with more and more countryside locations available and the option of work from home boosting flexibility, the lost love for outdoor space would relive.
As soon as the current restrictions are lifted, more and more working professionals would insist on working from home, committing no loss in productivity and hence the outdoor spaces are the key motivator to invest money in a country-side house.
The change in preference would certainly spike the cost of the houses in the countryside. However, the lockdown restrictions and loss of income for most of the countrymen, the spike would be reasonable and affordable for those who have house-buying plans in the pipeline.
Moreover, as the economy is undergoing the worst time in the history, the prices might actually hit the lowest point of all times, making it more of a lucrative option for those who have affordability. The prices however will depend how long does the lockdown lasts and what final effects it leaves on the country’s economy.