Are Urban Areas Losing Appeal During This Pandemic?
According to a couple of new surveys out, this would appear to be the case. Americans in general, and Californians in particular, seem to be longing for the open spaces that cities cannot offer. As a result, we are seeing an influx of buyers to the suburbs and more rural areas of our state. In one such study conducted by Realtor Magazine, Lawrence Yun, Chief Economist for the National Association of Realtors states:
“While migration trends were toward urban centers before the pandemic, real estate [pundits] have predicted a suburban resurgence as home buyers seek more space for social distancing…Coronavirus and work-from-home flexibility is sparking the trend reversal. More first-time buyers and minorities have also been looking to the suburbs for affordability.”
Agents across the country report seeing the following trends in home-seeking buyers:
- 47% suburban/subdivision
- 39% rural areas
- 25% small towns
- 14% urban area/central city
- 13% resort community/recreational area
We have certainly seen this phenomenon in the North Bay over the past three months. Each month has seen exponential growth over last year in sales and appreciation.
If you are looking to relocate to more open spaces, but do not qualify for a conventional loan, give Sun Pacific Mortgage a call at 707-523-2099. We have an extensive portfolio of hard money loans that, for the past 32 years, have allowed borrowers to realize their dream of homeownership anywhere in California even when those dreams had been dashed by previous lenders.