The health of the real estate market has been tied to job growth for decades. In the recent past, the American economy was strong and job growth was on the rise as unemployment rates went down. Home prices in several areas around the country rose to meet it especially in cities where average salaries were high.
Though telecommuting was not completely unheard of before the pandemic, the pandemic forced a large number of non-essential employees to begin working from home. Now as the coronavirus rolls on more and more companies are considering allowing their employees to telecommute more often or even fully. Large numbers of companies are expecting to have all employees telecommute at least part-time. This has many real estate experts expecting home sales to rise in the suburbs, exurban, and rural areas. They also expect sales of vacation homes to rise especially in locations where property taxes are lower like in the state of Florida. As employees have less of a demand to be at their desks in the office they are more comfortable to take a long three or for day weekend, pack up the family on a regular basis, and head for a home away from home.
Other interested vacation home buyers include the affluent and upper-middle-class from major cities all along the east coast that are now realizing their summer plans will not be carried out this year. Traveling to Europe, sending kids to summer camp, heading to Mexico and laying on the beach are all not viable options right now. Because of this they are becoming more serious about that vacation freedom of having a second home that will always be there whenever they want to get away. Couple that with the ability to telecommute and buyers are ready to have a permanent vacation spot right now.
Some employees with the ability to telecommute in the future are toying with the idea of making ideal vacation home destinations their full-time permanent residence. They are ready to make their dream home a full-time reality because now is the time to enjoy life to the full.
No matter what the reason, searches for single-family homes in more rural locations that allow for the ability to distance and still enjoy the outdoors is on the rise. Some for the sake of being able to get away whenever they want and some for the fact that having permanent distance feels like a chance to have a little more freedom.
Florida’s Forgotten Coast is a perfect place to find a spectacular vacation home on or near a beach that is not overcrowded. For more information on homes for sale on the Forgotten Coast please contact us right away.