As rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term.
Resilience Found in the Market for Second Homes
The coronavirus pandemic has not only pushed apartment dwelling New Yorkers to seek more space and nature outside of the city, it has also untethered them from their downtown workplaces as companies have embraced remote working. The result is a phenomenon that boasts the benefits of “co-primary” homes:
“Secondary homes are more popular than ever. People may own or rent smaller homes close to their office. Buyers are realizing that they may not have to go to their office each day. Virtual jobs are in place and employers are seeing the positive results…Expansive, private yards and especially those with a pool are surely a winner! Bidding wars are more common than ever with some homes going in one day with five different competing offers. Everyone is enjoying being close to beaches, beautiful neighborhoods and homes.” (Pat Mayer, Diane Turton Realtors)
For those that are confident financially, instead of trading up in the city or simply purchasing a second seasonal home, these residences function more as equal homes to their current address. As the mindset shifts in how people think about a primary residence, we are seeing people lengthen the tether that connects work and home, allowing them to spend more time in an alternate residence. However, homes boasting traditionally desirable amenities have proven to have a tight grasp on their desirability:
“Whether someone is looking to purchase a vacation home for their own family or if they are looking to purchase a Vacation Rental with income potential, I usually direct them to the current towns with attractions and areas to kayak, paddleboard, restaurants, dog parks, running or cycle paths, and more.” (Kaycee Cavicchia, Jersey Shore Realtor)
rental prices are steadily climbing, inventory and mortgage rates have remained low during the COVID-19 pandemic. The unprecedented circumstances have sparked a change in how people want to live. More than ever before, people are longing for additional space and more natural surroundings for the sake of their mental health and well-being as many are envisioning how they can work from home more in the long-term.
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