Back To Work - What will people do with the homes they've purchased over the past two years?
Returning Back To The Office!
How Does This Affect The Housing Market After Two Years of Change?
It is true that more and more businesses are having their workers return to the office. There have been lessons learned; we can achieve a good amount from the home office. Businesses are also missing the benefits of collaboration between peers and demanding people work from the office more.
How does this affect the housing market with all the changes we have experienced over the past two years of a Covid world?
Most people live in a home 5-7 years. There are folks who live in a house for 40 years, but they are becoming less and less typical. Buyers who have purchased in the past 2 years are unlikely to sell now and move back. This is likely to be for two reasons.
There is too much risk of a financial loss to buy and sell so quickly. The bigger issue I am hearing when talking to people every day is their lives have changed. They have falling in love with a house that has a large yard or a dedicated office space. They have learned that there are other neighborhoods in our area that are excellent options, and they are enjoying life in their new environment. I do not see a mad rush for people to reverse the housing decisions they have made over the past two years.
This doesn’t mean that everyone has left the city and move outside of the urban areas. The rental market Downtown is at full capacity. There have been more homes selling in the urban neighborhoods than in the months before. People are just changing their lives for the ways that work best for them. I’ve got clients downsizing from a big house to a one-level condo as well as families who have outgrown their home and have chosen to live in one of our beautiful city-burbs around the Capital Region.
I have referenced an article from FORTUNE that supports what we are seeing the DC Region is also true in other places around the United States.
The overarching good news is that our region has a strong housing market due to the low supply of homes, the incredible employment opportunities, low interest rates and geographic region that has become one of the most desirable in the United States. Consult with a seasoned and trusted real estate professional to better understand what is happening in your market.
We’ve a very healthy housing market in the Washington DC Capital Region.