The coronavirus pandemic is reshaping the U.S. housing market, leading to delays, cancellations, and many sellers and buyers re-evaluating what is important to them. Are buyers showing more interest in rural properties? Perhaps it is too early to tell, and this trend might be cyclical rather than structural, but here is why rural properties might be more valuable than before.
LESS TIME SPENT COMMUTING – I think we have all learned to use a new form of technology during this pandemic, whether it’s a Zoom happy hour with family or friends, Google Meet school assignments, or Microsoft Team meetings at work. We are all adapting and learning that working from home can be just as productive as being in the office. As location neutral jobs become more attainable many people will be traveling to work less or maybe not at all. A reduction in the amount of time spent on a stressful and timely commute is undoubtedly a benefit for all, plus it’s a little easier on the wallet. Not only that, but office space is expensive. If you rent office space then you can claim some of the costs back as part of your capital allowance, but it’s still likely to be one of the biggest fixed costs your business will have.
SPACE – MAYBE BIGGER REALLY IS BETTER – With a bigger demand to work from home comes another struggle, is there space for you to work? Buyers might be looking for bigger homes with space for an office, potentially needing to go outside of city limits to find the space that meets their budget. Typically, the further from the heart of the city the more bang you get for your buck, and that is especially true in Steamboat Springs.
THE SELF SUFFICIENCY SURGE – Creating a self sufficient home and life has never been a more “front and center” topic than right now. Out of pure necessity more and more pople from all walks of life and all corners of the world are having to do more for themselves and their family. We have seen the bread craze, the quarantine haircuts, and first time gardeners. Now that we have seen panic buying move from toilet paper, to vegetables, to beef, people might be looking for more rural space to create a more self sustaining, less reliant life.
This event will linger in people’s minds and it is very likely this will create a long term effect in terms of people’s desire to own a more remote property with more freedom and independence.
Check out the links below for more insight into the Steamboat Real Estate Market.
Charlie Dresen 970-846-6435 or Charlie@SteamboatsMyHome.com