While many businesses have taken a hit during this pandemic, others have been booming. Some in real estate say the coronavirus is pushing younger home buyers out of the city and into their first homes. We are stretching your dollar with why this turned into a year to buy.
“Ah, this is what we’re desperate for in the city.”
For many young home buyers, COVID-19 is making the greenspace of the suburbs more attractive.
The value of the city to us was being around all the people being able to go to all the restaurants like the culture and the museums and the plays and everything. So if you remove all that, it’s difficult to justify paying the rent, being in a small confined space and having no access to being outdoors by yourself,” Eileen Norton, prospective home buyer.
First time home buyer applications jumped 20 percent in June compared to that same month the year before. According to CoreLogic, a company that analyzes business statistics, a lot of that buying happened in Connecticut.
“We’re based in Darien, Connecticut so in the first six months which is really incredible when you think about how much business was not being able to be done during the pandemic. Fairfield County as a whole did about $2.36 billion in sales and that’s 12 percent over this same period last year and even better than that if we’re just looking at the end of June to the end of June, pending sales are up 49% it’s really skyrocketed,” Jessica Bauers, Halstead Real Estate Broker, Connecticut.
Real estate experts say the pandemic was the nudge people have been needing to finally make the move from the city to the suburbs.
This is also the year of refinancing.