March 31, 2023


Delighting home maniacs

Real estate market sees boom in young home buyers amid COVID-19

Real estate market sees boom in young home buyers amid COVID-19

(CNN) — While many businesses have taken a hit during this pandemic, others have been booming. Some in real estate say the coronavirus is pushing younger home buyers out of the city and into their first homes.

For many young home buyers, Covid-19 is making the green space of the suburbs more attractive.

“The value of the city to us was being around all the people being able to go to all the restaurants like the culture and the museums and the plays and everything so you remove all that it’s difficult to justify paying the rent, being in a small confined space and having no access to being outdoors by yourself,” says prospective home buyer Eileen Norton.

First-time home buyer applications jumped 20{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} in June compared to that same month the year before, according to Corelogic, a company that analyzes business statistics.

One real estate broker says shes seen sales skyrocket.

“We’re based in Darien, Connecticut, so in the first six months, which is really incredible when you think about how much business was not being able to be done during the pandemic,” says Connecticut based real estate broker Jessica Bauers, “Fairfield county as a whole did about $2.36 billion in sales and that’s 12{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} over this same period last year and even better than that if we’re just looking at the end of June to the end of June pending sales are up 49{2bcf6c72702b5c79c6d60e2b201b92505312452d06f0e1ed088ab13b8bc14c0a} it’s really skyrocketed.”