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Considering a Move to the Suburbs?

By Virtual Results PubSub

Millions of Americans in large cities have spent the last couple of months cooped up in small apartments while they wait out the pandemic. It’s always been tough to make the most of a small space. But when you don’t have the option to leave, the small space can start to feel claustrophobic quickly. According to a recent Harris Poll survey, almost one-third of Americans are thinking about moving to less densely populated areas because of the pandemic. If you’re one of those people, then here’s what you should ask yourself.

Does the suburban lifestyle fit my needs?

While it’s understandable to want more space after enduring months of living in close quarters, you should consider whether a suburban lifestyle fits your needs. The suburbs can be a major change of pace for urbanites that are used to having everything they need close by and available 24/7. Research the towns where you might consider moving and visit them to see what the vibe is like. Spend time in the stores, restaurants, and parks that would become home for you. Talk to the locals. Get a feel for the place before making a major decision.

How will it change my work life?

Another thing to consider is how moving to the suburbs would change your working life. Would you need to get a new job? If so, are there opportunities in the area for someone with your skillset? If you’ll be keeping your current job, then what would your commute be like? Remember – studies show that your commute time influences your happiness levels. The longer your commute, the more unhappy you will likely be. Will you be able to permanently work from home? If so, then you’ll need space for a home office. Keep in mind that working from home in the suburbs can be more isolating than working from home in the city, where distractions of all shapes and colors are right outside your door.

Will I need to buy a car?

Most city dwellers don’t need cars in order to get around. In dense urban centers, public transportation is available on virtually every corner. That may not be the case in the suburbs. Would you need to live near a train line so you can get to work more easily? Or will you need to purchase or Lease Your Car? How far away are amenities like grocery stores? Think about the added cost of owning a car when making your decision about moving out of the city. You’ll not only need to pay for the car itself, but you’ll need to factor in insurance costs, gas, oil changes, maintenance, and parking fees. Some GPS trackers with no-monthly fees do not have the same features. Some are designed to only show you the location of a vehicle, while others have additional monitoring features. With no-monthly fees, these products are an excellent option for monitoring a vehicle.

How are the schools?

Finally, be sure to research the schools in the area before making your decision. If you have school-age children at home, then you’ll obviously want to move to a neighborhood that has a good school district. How well will your kids transition to a new school? If you don’t have kids, then it’s still important to look at the quality of the school district. Homes that are located in good school districts typically sell for more money down the line.

 

Creating Your Homebuying Wish List

By Virtual Results PubSub

If the coronavirus pandemic has put your house hunting on hold, then now is a good time to get your priorities in order. One of the best things you can do for yourself when searching for a new home is to be very clear about what you want. Knowing what you need and what you can be flexible about will help you find the right home more quickly with less stress. Creating your list now will give you head start when you begin your search in earnest. Here are some questions to ask yourself when deciding what you want in your next home.

What do you like – and not like – about your current home?

Homebuying Wish ListThe best place to begin your questioning is by looking at what you already have. What do you like about where you live right now? What is your current home’s best quality? On the flip side – what do you like least about your current home? Do you like the style, or would you prefer something else? Where do you spend the most time? Does your home get enough natural light? Would you like a home that has more windows?

How much space do you need?

Do you feel cramped in your current home? If so, what kind of space could you really use that you don’t have right now? On the other hand, do you feel like you have too much space? Where could you make cuts without feeling like you’re compromising too much? Do you like the layout of your home? If not, what would you change? Are there enough bedrooms and bathrooms? Would you prefer a single-story or a multi-story home? Would you like to have space for a special reason, like a craft room, a home office, or a home theater?

Do you need an outdoor space?

Many Americans are discovering how essential it is to have an outdoor living space – especially when sheltering in place. If your current home has outdoor space, what do you like about it? Do you spend time outside? If not, why? If you don’t currently have outdoor living space, do you feel like you’re missing out? Are you willing to take care of the yard or pay someone else to do it? Does your current home have curb appeal? If it doesn’t, what would you like to see improved? Do you have a garage, and does it suit your needs? Can you park your car in the garage in addition to having extra storage space? Does the exterior of your home require excessive maintenance? What would you change about it?

What would you like in a neighborhood?

Our quality of life is not just dependent on our home. It is also influenced by the neighborhood we live in. What do you like or not like about your current neighborhood? Are you friendly with your neighbors, or do you prefer privacy? Are there places to enjoy nearby that are within walking distance, like restaurants and parks? Do you have access to necessities like doctors’ offices, gas stations, and grocery stores? How far are you willing to travel for your commute to work?

Compliments of Virtual Results

How COVID-19 May Affect Your Next Home Purchase

By Virtual Results PubSub

The real estate market has made great efforts to adapt to the constraints of social distancing, providing virtual tools to help buyers and sellers get to the closing table. But as we look into the future, we can’t help but wonder how the events of today will affect the real estate market in the coming days. How will the coronavirus transform what homebuyers want? Let’s take a closer look and if case you feel like getting more information, you might also want to read this article about the Coronavirus impact on construction.

How COVID-19 May Affect Your Next Home Purchase

How COVID-19 May Affect Your Next Home Purchase

Buyers may favor suburban locations

In recent years, urban centers have seen a real comeback in the real estate market. Major metropolitan areas have seen a rise in new construction and the creation of new jobs. Many buyers have been looking for homes with amenities that are within walking distance, which is much more prevalent in big cities. But with COVID-19 hitting urban centers particularly hard, more homebuyers may turn their eyes to the suburbs. The suburbs offer more space – making social distancing easier and time spent at home more enjoyable. And if telecommuting to jobs continues after the pandemic slows, then living in the suburbs might be even more appealing to some buyers who will no longer have to worry about a long commute.

Buyers may want bigger homes

With more than 90 percent of Americans under some kind of stay-at-home orders, we have never spent more time at home. Most of us are accustomed to sleeping at home and doing most of our activities outside the home including working, shopping, and dining out. But when you’re forced to stay at home, some people might feel they need more room – whether it’s a home office or a dedicated place for kids to do schoolwork. In the last few years, homeowners have opted for smaller homes, especially as more Millennials enter the market. But the COVID-19 pandemic could shift that trend, with future homebuyers searching for larger homes.

More buyers will be searching for second homes

For homebuyers who have the money, having a second home can provide a great sense of security. It’s easier to live in a dense city when you know you have a home in the country or on the beach to which you can escape. The pandemic also shut down the short-term rental market, making homeowners the only people with the option to leave. The market for second homes tends to be tied to the strength of the stock market, so whether or not buyers will be shopping for second homes depends largely on the economy. 

The closing process will become even more virtual

While the real estate market has generally been slow to adopt new technology, the pandemic greatly accelerated this trend. With the ability to meet face-to-face or see homes in person substantially reduced, the process of buying a home is now relying on technology. Homebuyers are scheduling detailed virtual tours, lenders are conducting drive-by appraisals, paperwork is signed electronically, and drive-thru closings are becoming popular. Even as we phase out of the pandemic, look for many of the aspects of buying a home to remain virtual.

Compliments of Virtual Results