It’s All About The ’Burbs: In A Time Of Pandemic, More Young Families Are Fleeing The City For The Country
- July 24, 2020 | Realty Times
Abio Properties co-founder Linnette Edwards shared with Realty Times readers how she and the other agents at the brokerage are transacting with clients and families who are fleeing the city and headed to the ‘burbs during this time of COVID19. Read the full article here.
“People in San Francisco see Oakland as a suburb, while people in Oakland are swarming into the East Bay or even up to mountain vacation areas like Lake Tahoe,” said Linnette Edwards, founder and associate broker of Abio Properties in northern California. “With inventory tight and interest rates low, buyers are literally coming out of the woodwork, including many young buyers tired of living and working, and even home-schooling, in their 800 square-foot apartments.”
Bidding wars are common, she said, with as many as 15 offers on a single-family residence not at all unusual.
“Young buyers, especially, who can work from home and aren’t tied to their employer’s location, are scrambling to find smaller detached homes with enough yard space to add on office space or an extra bedroom,” she said.
“Prices are ticking up a bit in most areas because of the high demand,” Edwards said. “But it’s still possible to find an entry-level homes for well under $1 million in parts of Oakland and in some East Bay cities, and that is driving demand.”
One local lender, she said, pre-approved 268 borrowers for home purchases in June – an all-time record for the company, up more than 100 percent from last June, when they pre-approved 124 buyers.
“The biggest problem we have is tight inventory,” Edwards said, “although sellers are slowly coming back into the market as they realize the value of their properties.”
~ Linnette Edwards