How Will Pandemic Fallout Affect Residential Real Estate?

To understand the future, we must focus on what real estate does for people.”

That deceptively simple quote underlies the central proposition in this month’s Editor’s Pick by Forbes magazine—an essay by Bill Conerly that assesses possible future directions for residential real estate. Since residential real estate in Memphis area is our daily pursuit, any and all glimmerings about its future get our attention.

 

His observations assessed some of the jarring transformations in how people “live, work, shop, and enjoy life” stemming from this year’s pandemic. While acknowledging that the Covid-19 health threat won’t last forever, he suspects that some of the current adjustments will create new attitudes that will linger—that the emergency has “taught us some lessons about how we live.” They are lessons that may change a fair number of people’s residential real estate preferences.

 

Some of the ‘lessons’:

  1. Many people find that they don’t really need to go to the office to get work done.
  2. Because of the fallout from the health crisis, city life “became a drag.”
  3. People who began to work from home increased their appreciation of areas that could accommodate office space—thus gravitating to larger homes.
  4. Growth in the popularity of gardening increased the desirability of yard space, “even in townhouses and apartments.”

What became clear to many was a fact of life that registers on individuals from time to time, but which now revealed itself to just about everyone simultaneously: namely, that major changes in circumstances lead people to reassess what is important to them.

 

Bottom line: although inertia will prevent massive movement of people, future growth will favor localities that deliver a “great quality of life.” If Conerly’s “lessons” prove out, that’s one future effect from this year’s upsets that should stand Memphis area in good stead. For now and in the future, I’ll be standing by to provide help and guidance for all your Memphis area residential real estate needs. Call anytime!

About Author
Tim OHare

Tim O'Hare has over 15 years experience working with executive leadership as a digital marketing and technology specialist. Tim relocated to Collierville, TN where he began his real estate career with a sphere of less than 10. In his first 18 months, he was Rookie of the Year at his brokerage and a member of the Multi Million Dollar Club. Tim realized the best way he could give back was to help others unlock their potential, so that they feel empowered to accomplish their personal and professional goals. His passion to learn, coach and give back to the community is what shapes him as a leader. He brings a strong competitive mindset and understands the commitment necessary to accomplish even the most audacious goals. Tim currently lives in Collierville with his wife Anna and 2 boys. He's a member of the Collierville Rotary and serves on the Board of Zoning Appeals for Collierville. Tim also sits on multiple committees at the Memphis Area Association of Realtors.

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