Coronavirus has impacted all aspects of our life. Families have been staying home, learning online or homeschooling, and working from home. So much time at home has affected the way we think about where we live. In the past, most people chose to live close to work or near city conveniences like the city center. With the shutdown, those reasons have faded away. Therefore, a surge in people leaving large cities for other places, especially lake areas, is rising because priorities have shifted as well as the idea of a co-primary residence.
Priority Shift:
People no longer desire to live in an expensive city apartment during a shutdown. They feel the walls closing in, which has prompted their eyes to focus on broader horizons. Where can they continue to work remotely and yet enjoy the great outdoors? Lakes offer both access to good internet as cities grow strong around them, which is a critical need in today’s online world. In addition, lakes offer many outdoor activities. Boating, fishing, skiiing, kayaking can be mastered while still following social distancing regulations. When the pandemic is finally gone, all the perks of lake living will still be here. The draw remains.
Selling a home in the city leaves families with a good budget to buy a different home. What used to sound like a dream, owning a lake house, is in many cases becoming a reality. People are seeing that it is not out of their league because they are not buying an additional home for vacation purposes, but a primary residence to enjoy year round. Real estate around lakes is booming. You might think this phenomena is only visible in the New England area, which was hit so hard by the virus, but it is not. Recently the Houston Chronicle interviewed Mike Goins for an article entitled, “People are Ditching Houston for ‘Greener Pastures'”Because of City’s COVID Surge” by RA Shuetz. Goins called the current market a “feeding frenzy.” In fact we cannot highlight many listings on this blog because they sell almost as fast as they are available. However not everyone is ready to give up their life in the city. As a result, there is also a surge in the following real estate term.
Co-Primary Residence:
You may have never heard the term, but a co-primary residence is exactly what it sounds like. A person splits their time between two homes. Most of the time one house sits in a city and the other in the country, on a lake, or at the beach. It is not a vacation home, but a house where they spend about six months of the year. This type of residence has found increasing popularity during the pandemic with people who can afford it. Even though it is an expensive choice, people find that they have the best of both worlds with two houses in distinctly different places. With COVID-19, escaping to their more rural home was an attractive option.
According to an article by Anna Bahney, “Previously, buyers were mostly looking at homes as an investment, now more than before the priority is on buying a home they can use immediately.” Therefore, buying a second house is still an investment in real estate, but with more pressing practical application in the present.
The truth is that COVID has impacted our lives. Another fact is that people’s priorities have shifted resulting in changing where they want to live. Those that can are moving out of the city either full-time or half-time. This is causing a surge in real estate in more rural areas. Mike Goins Real Estate is here to help in any way we can. Check out Lake Conroe Homes to search what is available around Lake Conroe. Whether you are buying, selling, or looking to lease, Mike Goins seeks to serve his clients to the best of his ability. Contact him for any of your real estate needs at 936-718-1370.
If you want to learn more about this surge, Lake Homes Realty published an interesting article on the subject. You can read further here.