Millennials buying homes during pandemic
While many businesses have taken a hit during this pandemic, others have been booming. Some in real estate say the coronavirus is pushing younger homebuyers out of the city and into their first homes.
uh, this is what we're like desperate for in the city. For many young Homebuyers, Cove in 19 is making the green space of the suburbs more attractive. The value of the city to us was being around all the people being able to go to all the restaurants in the culture, like the museums and the plays and everything. And so you remove all of that, Um, it's difficult to justify paying the rent, being in a small, confined space and having no access to being outdoors by yourself. First time Homebuyer applications jumped 20% June compared to that same month the year before, according to CoreLogic, a company that analyzes business statistics. We're based in theory in Connecticut. So in the 1st 6 months, which is really incredible when you think about how much business was not being able to be done during the pandemic, Um, fearful County as a whole did about $2.36 billion in sales, and that's 12% over the same period last year. And even better than that, you know, we're just looking. From the end of June to the end of June, pending sales are up 49%. It's really skyrocketed. I think the majority of what we've seen are people that have been considering moving to the suburbs from the city, and it's really kind of been the nudge that's got them to the burbs. Just with everything going on in the pandemic for today's consumer watch, I'm Mandy Gaither.