The impact of COVID 19 0n the nation’s economy will be far-reaching, and there are still many unknowns when it comes to how it will affect certain sectors. Retail has been badly hit. However, some sectors, like real estate, are seeing an upswing in certain regions.
The pandemic is changing how people live, work and play. It is already changing what homebuyers are looking for in the New York region.
If you are thinking of buying or selling Long Island real estate now, here are some important factors you should consider.
1. People Are Moving Out of The Cities
New York City was one of the first cosmopolitan areas to be hit by the coronavirus.
Months later, even after the numbers of infections have decreased, the impact is still apparent.
Many stores and restaurants were forced to shut their doors, and no one knows if they will ever come back. Museums are closed, and Broadway is unlikely to reopen until 2021.
Without all the restaurants, arts, and other things that make New York what it is, why would someone choose to live there? Housing costs are high, and the population is dense. If the virus returns, it will be hard to avoid crowds in tall apartment buildings, subways, and busy streets.
2. Most People Can Work From Home
If there is one thing that companies, employers, and employees learned in 2020, it is that many businesses can be run remotely. Many employees were able to work from home without a pause.
For bankers, lawyers, and other white-collar workers, so long as they possessed adequate technology, they realized they could do their jobs from anywhere.
This may have a big effect on commercial real estate when companies realize they can save on rent and keep their employees safe with remote work.
Residential real estate, on the other hand, will reflect this change as more workers move out of the crowded, expensive city apartments and into more comfortable, technologically equipped homes.
While previous recessions have resulted in a housing market crash, right now it appears that homeowners on Long Island may be in a seller’s market.
3. Suburban Markets Are Desirable
New York City’s bedroom communities are hot right now. People who worked in Manhattan and commuted now realize they can work from home and go into the office whenever it is safe and necessary.
They want to be close to the city in case things open up, but they want the space, cleanliness, and ease of the suburbs.
Buyers are seeing that they can have their perfect home and actually have the time to enjoy it! They want to be able to splash in a pool in the evening if they feel like it under the stars. They want to enjoy a round of golf without having to drive a long way.
The quality of public schools are also appealing to potential home buyers with children who are moving away from expensive private schools in the city.
4. Multigeneration Households Are Increasing
Housing market predictions 2020: there will be an uptick in multigenerational households. More college-age kids are boomeranging back to their parents’ house, due to closed universities and a suffering job market.
COVID fears are spawning family “pods”, where family members choose to live together to help each other with family responsibilities like aging seniors and young children. This may be safer than hiring outside help for babysitting and caregiving.
More families are combining two and three generations under one roof. Homes with extra “mother-in-law” suites, carriage houses and other facilities allow different branches of the extended family to live together and still maintain some privacy.
5. Amenities are Always Appealing
Many of the people moving out of New York City in search of a more bucolic, relaxed lifestyle have the means to want luxury.
They want a pool.
They want top-notch technology to allow numerous people to work from home and enjoy streaming entertainment.
And most of all, they want security.
Many prefer not to renovate themselves and would prefer homes in move-in condition. If you are considering selling now while the Long Island real estate market is hot, you might consider making some improvements to your home before putting it on the market.
Any investment you make in improving your home in this area right now will be an investment you will be sure get back.
6. The Great Outdoors
Another perk of Long Island real estate is its proximity to the great outdoors. Not only do people feel safer outside than in enclosed places nowadays, but people are also embracing new ways to stay active and socialize.
Instead of going to the gym, more people are likely to pick up bicycling or jogging. Long Island offers long, flat stretches of sandy roads perfect for a long ride or run.
After being cooped up at home for months, people want to be in the fresh air but still socially distanced. Long Island’s beaches are ideal for a fun day out in the sun without getting too close to anyone.
Long Island also offers great waterfront on the ocean and the bay. People are now looking for ways to get on the water, in sailboats and yachts. They are brushing up their fishing and water skiing skills.
If you are selling a house with access to the waterfront either the bay or the ocean, you will have lots of eager buyers.
Long Island Real Estate: Now is the Time
Long Island real estate could have suffered in the wake of COVID 19, and the state of the commercial real estate market is still uncertain. However, for both buyers and sellers of residential property at this time, the market is on fire!
You can work from home, but it is not hard to get to the city if you have to. You have all the comforts of country life like beaches ad sunsets, with the amenities of city life like great restaurants, sophisticated architecture, and art.
If we have to adjust to life in the new normal, Long Island is a great place to do it.
For more information on the Long Island real estate market, contact us.