How will COVID-19 impact our island real estate market?
I get asked this question almost every day….
My gut is telling me that when this unique emergency situation passes, our real estate market is going to normalize and may very possibly improve. As people are stuck in the city under quarantine, I imagine some of them are thinking, “Is this really where I want to be when this is over?”
Statistics are showing that a large number of millennials are moving to rural areas as they marry and get ready to start a family. Numerous companies have instituted “work from home” options for their employees and I think this is opening up a new way to look at employees, use of work spaces and efficiency of having a work force come into an office every day. If more people can work from home, the island lifestyle becomes very appealing!
The COVID-19 is causing all of us to view our life in a new way…
Is this a good time to be a buyer?
I feel its an excellent time to be a buyer. The prices are still relatively low, interest rates are amazing and the outer islands have some great properties for the price. If you have a family, the one-room school on Decatur Island is an incredible place for your children to get a top-notch education with a low student to teacher ratio and great STEM program. Acreage is available for reasonable prices if you want to create a mini-farm or like having some privacy and seller financing options can sometimes be found.
Back in the 1920s, Decatur Island had a much larger population than it does now because there was work available for young families. If a person can work from home now there’s really no better place to raise a family! The unique community and access to all the natural beauty can stimulate creativity and a new way of looking at work and innovation.
The other issue that could have a positive impact on the real estate market in the islands is the drop in the stock market. In my 30+ years in real estate, I’ve seen real estate sales in the outer islands improve when the stock market takes a downturn. Give me a call if you’d like to discuss some ideas you may have about a new full or part-time island home or explore my web site and allow yourself to be tempted by some of the beautiful properties available now. In the meantime…..stay healthy and Wash Your Hands!