Written by Guest Blogger, Ayesha Qureshi-Amin
When the pandemic arrived at our shores over two years ago, we didn’t know how long it would last or what the impact would be, or even what the extent of the danger was. Nobody would have believed that the world could be impacted so significantly by an invisible enemy that would result in an unimaginable loss of life and a fundamental change in the way we live.
The vast majority of us tried to remain as calm as possible. By the time summer 2020 rolled around, it was clear that there was no quick fix, and we would not be going back to our usual daily lives, at least not in the near future.
There was a transformation in our daily home and work life. For many, especially those of us who lived in big cities, being close to the office was no longer a necessity now that home had become the place of work. We did not need to be in the office to do our job and manage our households. We learned new ways to work from home with Zoom taking center stage in our work-lives. If there was a silver lining, many took this opportunity to try a different lifestyle whether on a tropical beach or at an Airbnb in the mountains and still achieve the same objectives! Similarly, we were able to spend more time with our families, and we cooked at home more frequently, learning new recipes that we never would have attempted pre-pandemic.
The new normal triggered a reevaluation of the city vs. suburb debate. Why work and live in a cramped city apartment when you could enjoy three times the space in the suburbs and spend the same (or less) on rent or a mortgage? This thought process has been a theme for thousands of households across the country resulting in a spike in demand in the more desirable suburbs within Metropolitan areas like never before.
As it became clear that the pandemic would be around for a while, families with young children needed more space and started to explore the suburbs. Some, who had ideas of moving to the suburbs “when the children are a little older”, brought plans forward. Over time, remote schooling became challenging for parents and caregivers resulting in an influx of people into Fairfield and Westchester counties. On a professional note, I have been fortunate to be able to match people from the city with fabulous new homes in the burbs.
The increased demand for houses and condominiums has brought with it a change to life in the suburbs. Businesses have had to reinvent themselves. Restaurants are the perfect example of this transformation as they embraced the al-fresco dining phenomenon that gripped the region. In addition, restaurants are opening as outposts of city brands, some of which would not have even considered a location in suburbia pre-pandemic.
Many are now speculating about what will happen next: will employers demand that we go back to the office five days a week? My view is that we have yet to see the full scope of change. Many companies are still operating within the confines of long lease agreements. Once these leases expire, I expect employers will re-think location strategies; do they need to be encumbered with expensive office space when their workforce has proven that a hybrid approach can work just as well, if not better? For this reason, I expect that the current trend of migration to the suburbs will continue, perhaps not at the rates we have seen in 2020 and 2021, but a migration nonetheless.
In terms of the real estate market, reports highlight a lack of inventory, so let’s take a minute to understand why. As interest in suburban properties increases, inventory has shrunk to the point where demand is surpassing supply. Additionally, first time buyers are scrambling to get onto the property ladder as they anticipate further interest rate hikes, thus adding to the already high demand for homes.
Despite high or low inventory levels, there will always be an influx of properties coming onto the market as families seek to ‘trade-up’ or empty nesters look to down-size. Long story short, your dream home is somewhere out there! So, take your time to find the right real estate broker who will guide you through the home search process from listing to closing.
Ayesha Qureshi-Amin, is an accomplished and skilled Licensed Real Estate Sales Executive, who brings over 20 years of finance and project management experience to every real estate deal with her clients in CT and NY. Her international background and global mindset helps her foster strong relationships with clients that not only last for one transaction but turn into lifelong connections.
