What is an Exurb? An exurb is an area that is farther away from the major city areas compared to a suburb. Why is it relevant to those interested in the real estate market? Residents of exurbs have increased over the past year.
According to Realtor Magazine, there have been reports of people relocating from cities to exurbs during the coronavirus pandemic.
Up to now we have mostly talked about trends shifting from urban to suburban living while people work from home and want more space, however, a move to exurbs proves that many people are choosing to further remove themselves from busy and expensive areas.
There are a few possible outcomes that will follow these new trends. Those who miss the hustle and bustle of the city will move back once the threat of the virus is under control. Those who realize the charms of living with more space with a slightly longer commute will likely stay in the suburbs indefinitely with plans to buy if they haven’t already. Some could really see the benefits of a quaint and quiet life even farther away from the city will either buy a property in the exurbs (if available) or due to lower prices in those areas they could even build.
Where do you fall as a buyer, seller or investor? Do you see yourself selling your property in the city to get something bigger in the suburbs? Are you a first time buyer wondering what the best location is for you? Are you a new investor looking for a good place to start or are you a seasoned investor looking for a new opportunity?
Depending on the longevity of these trends your plans as a buyer seller or investor will have to be modified and changed. Needing help figuring that out is a natural occurrence. Talk to Amin Vali and see how Amin Vali Real Estate Investment is preparing to face these trends and any future shifts and find out how it can be helpful to you.