As we all know, COVID-19 has done more to our world than just infect us with a virus. Our entire way of living has changed, and many of the changes are going to be permanent. Many can be seen as positive — we’ve learned how to successfully work from home, balance a Zoom meeting with kids and pets that may make an appearance in the background, and we’ve also learned to somehow turn our homes simultaneously into personal gyms, office spaces, schools, living areas, and restaurants. When the pandemic forced us to shelter in place, many of us came to realize that our homes weren’t designed to provide adequate space for multiple family members working and learning from home, causing quite a few people to say, “I need to find a new home!”
Mid-2020, we saw the real estate market start to explode because of this epiphany. The current real estate market is busier than we have seen in decades, but not all segments of the market are currently in record-setting territory.
The intown condo market is slow in comparison to the suburban single-family home market, due largely to the fact that congested urban areas are not as desirable in the world of COVID-19 as they were even just a year ago. Students aren’t looking for a condo to be near their classes anymore, and people are not purchasing condos in the city so they can avoid traffic to and from the office. However, we this expect to change once much of the country is vaccinated and people start going back to their offices in the urban centers. The intown lifestyle will be more appealing to people in the future, since it is more than just a condo: it’s a lifestyle that many people seek out.
Second-home markets in and around the mountain, lake, and coastal areas are busier than suburban markets! During the pandemic, many people discovered they wanted an escape and sought out a convenient getaway or weekend home where they could still be connected, but feel far away from the hustle and bustle of the city.
Even with interest rates staying at historically low levels, they are beginning to tick up just slightly, which is making more buyers who may have been on the fence feel the pressure to go ahead and enter the market. Even with slightly higher rates in our future, the housing market in Atlanta will continue to thrive and provide buyers with a sound investment in their future.