My new next-door neighbors are from New York. They just moved in, and they are planning to telecommute from the shoreline. They have high-level jobs that can be done remotely, for the most part. They have little children, and no idea what schooling will be like in the near future. They have bicycles, a boat, a pool, and a new second car.
My husband and I also have one adult child (accompanied by a boyfriend) sheltering with us. They are also telecommuting from New York, with good jobs, now being performed remotely. They aren't sure when their offices will reopen, nor whether they will soon--or ever--have to be physically present in those locations. They have new exercise routines, new athleisure wear, new cooking accessories, and new disposable income from no rents, no bars and restaurants, and no travel. They have started looking at houses online, and near us. Many people we know have similar stories.
Our friends, many of whom are retired or working remotely, are planning ahead to spend time in another part of the country this winter, if they haven't already decamped to a vacation home. They are renting for months at a time, and testing out possible retirement locations. Rather than use hotels, or try to travel, they are opting for staying put elsewhere, to have a change of venue safely.
You may have relatives, friends, and neighbors like this as well. Over 10,000 New Yorkers changed their addresses to Connecticut in the second quarter of this year alone. Anecdotally, we are seeing lots of real estate activity from out of state, and many NY license plates on the roads. We all know that the pandemic is current, but it's somewhat of a surprise that more permanent choices are being made so quickly. It's been great for our business, and it will be good for Greater New Haven as well. New Haven proper, although a city, is low in density compared to other places, and remains very attractive for those who want both proximity and outdoor space. After long years of population decline, it's nice to be trendy again!
What does this mean for the real estate market in our region? Supply, which was already slim, is even tighter. Prices, which were inching up, are moving more quickly in that direction. Time on the market is declining. All of this puts sellers in the driver's seat, and advocates for selling--or even renting for a season or a year--soon.
