{"id":15404,"date":"2020-04-21T10:10:00","date_gmt":"2020-04-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15404"},"modified":"2020-04-10T09:57:05","modified_gmt":"2020-04-10T16:57:05","slug":"long-term-impacts-on-housing-from-the-covid-19-outbreak","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/04\/long-term-impacts-on-housing-from-the-covid-19-outbreak\/","title":{"rendered":"Long-Term Impacts on Housing from The COVID-19 Outbreak"},"content":{"rendered":"<p style=\"text-align: justify;\">Everyone agrees that the COVID-19 outbreak is set to have a long lasting impact on the US economy, and the housing market is no exception.<\/p>\n<p style=\"text-align: justify;\">In a new report this week, Apartment List has outlined some of the long-term changes it thinks will affect real estate.<\/p>\n<p style=\"text-align: justify;\"><strong>1. Reduced mobility<\/strong><\/p>\n<p style=\"text-align: justify;\">The report notes that people\u2019s mobility will be much lower than it was previously, before spiking.<\/p>\n<p style=\"text-align: justify;\">\u201cGeographic mobility generally declines during downturns, when a lack of job opportunities catalyze fewer long-distance moves across market or housing upgrades,\u201d the report said.<\/p>\n<p style=\"text-align: justify;\">A moratorium on evictions and foreclosures will also help to reduce mobility, but analysts say they predict a spike in people moving home once the outbreak ends.<\/p>\n<p style=\"text-align: justify;\">\u201cMany upgrade and downgrade moves will be postponed rather than canceled, creating a reshuffling of households throughout the recovery,\u201d the researchers note.<\/p>\n<p style=\"text-align: justify;\">There will also likely be a future wave of movement as people relocate following the outbreak in search of jobs, or to be closer to their family. Young people are also likely to want to flee the next to form their own households.<\/p>\n<p style=\"text-align: justify;\"><strong>2. Less affordable homes on the market<\/strong><\/p>\n<p style=\"text-align: justify;\">Experts say affordable rentals and homes for sale are likely to be impacted. Both were in short supply even before the pandemic, and the situation will get worse, they say.<\/p>\n<p style=\"text-align: justify;\">\u201cFewer people moving means fewer homes available,\u201d the report noted. \u201cWith both pandemic and policy keeping people in place, affordable units will become even more rare through the 2020 peak season.\u201d<\/p>\n<p style=\"text-align: justify;\">Luxury apartment inventory, on the other hand, may be abundant.<\/p>\n<p style=\"text-align: justify;\"><strong>3. Housing inequality will increase<\/strong><\/p>\n<p style=\"text-align: justify;\">Those in the higher-earner wage bracket will likely take advantage of lower borrowing costs and refinance in order to reduce their mortgage payments. But lower-income households will struggle with the sluggish economic and rising competition for the remaining low-cost homes available.<\/p>\n<p style=\"text-align: justify;\">\u201cAs shelter-in-place orders cover a growing share of the nation, those who are able to work remotely are at a distinct economic advantage,\u201d the report said. \u201cUnfortunately, a correlation between income and the ability to work from home reveals that the lowest earners will be hit hardest by these measures. Fifty-two percent of full-time workers who earn more than $100,000 annually say they can work from home. But only 15% of workers who earn less than $25,000 are able to work from home.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>4. Sight-unseen purchases will grow<\/strong><\/p>\n<p style=\"text-align: justify;\">Experts say they\u2019re also expecting an increase in the number of people who buy a new home sight-unseen.<\/p>\n<p style=\"text-align: justify;\">\u201cMany apartment communities are already enabling virtual tours in response to the pandemic, and many renters and owners alike may soon be evaluating their next home through a tablet screen,\u201d the report found. \u201cMainstream adoption of sight-unseen moves will bring both opportunities and challenges for the housing market.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/4-long-term-impacts-the-covid-19-outbreak-will-have-on-housing\/98758188\/\" target=\"_blank\" rel=\"noopener noreferrer\">4 Long-Term Impacts The COVID-19 Outbreak will Have on Housing<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone agrees that the COVID-19 outbreak is set to have a long lasting impact on the US economy, and the housing market is no exception. In a new report this &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/long-term-impacts-on-housing-from-the-covid-19-outbreak\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-15404","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Long-Term Impacts on Housing from The COVID-19 Outbreak &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/long-term-impacts-on-housing-from-the-covid-19-outbreak\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Long-Term Impacts on Housing from The COVID-19 Outbreak &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Everyone agrees that the COVID-19 outbreak is set to have a long lasting impact on the US economy, and the housing market is no exception. 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