The short answer? No. Not everyone is leaving the city. Yes, some people are making the decision to leave for a variety of reasons, but it’s not all because of the current health situation impacting our world.
You’ve heard me say many times that, for most people, real estate decisions are frequently tied to a life event, and that’s still the case in our “new normal” world.
Young couples with small children tend to remain in the city longer than perhaps their space really allows, simply because letting go of the amenities the city offers is difficult. Right now, with all those amenities challenging to access, these families are moving forward their decision to sell up and move to the suburbs. They would have likely made this move a year or two from now, but now seems like the right time to do it.
On the other hand, older city residents who have retired and already own a second home are realizing that they don’t need the city home anymore. They are spreading out into their larger second home and getting ready for the arrival of grandchildren.
Are there residents who have simply tired of the city and are moving out? Yes, absolutely. But, for the most part, those moving right now would have moved anyway. The pandemic has just precipitated those decisions. And let’s not forget, there were two months of our spring market where little home buying or selling was happening. Our activity right now is heightened and condensed because of this. These current decisions are making for hot suburban markets and a slower paced city market, but always remember: these markets, like all markets, won’t last forever.