The year 2020 was a year we’ll never forget. Not only did a deadly virus take over our lives, but it altered the very fabric of our society. From virtual learning to curbside pickup, our world has certainly changed. One thing that changed most is how people are doing real estate. Keep reading to learn about the Great Real Estate Migration of 2020.
What is it?
Over the past year, America has seen millions of people leave large urban areas and settle into the suburbs or countrysides. According to findings from United States Postal Service® change-of-address data, from March until October 2020, nearly 94,000 more people were changing the address of their residence than in 2019 during the same period. It’s a trend that started at the beginning of the pandemic and seems to be continuing in 2021.
Reasons Behind the Migration
There seems to be a myriad of reasons behind this great migration. The number one reason being the pandemic. Some of the other reasons include:
- The closing of various entertainment venues
- The shift to remote working
- Civil unrest in cities throughout the summer months
- The rising cost of living in major cities
What Does it Mean?
So what does this mean for 2021? Experts predict that this trend will continue until at least late 2021. Americans are moving faster now than before the pandemic. Small cities and counties that were once considered too small, too southern, unsophisticated, and boring are now at the top of real estate desirability lists. With no clear end to the pandemic in sight, people want to live in places where it’s warmer, healthier, and less densely populated.
Even though housing conditions vary by market, in general, now is still a great time to buy a home. Interest rates are expected to remain low, and you may have more homes to choose from. If you’re looking to relocate to a place where you can wait out the pandemic, now is a great time to shop around.
Making Buying a New Home Easier
When you’re ready to relocate and buy a home, Armour Settlement Services, LLC will be there to help. By providing quick closing services, deed transfers, contract of sales preparation, and more, we can help get you into the house you prefer during these trying times. Contact us today to learn more.
