We expected it. Although, maybe not this soon. As the news of a vaccine started making the rounds and a more exact timetable became established, there grew whispers among those who left the City during the pandemic. “Did we leave too soon? Should we think about going back? Are we cut out for suburban life? We aren’t really loving living in Florida/LA/Westchester – fill in the blank – as much as we thought we would.” I have heard this time and again in the last two weeks, and I have never been busier. I am getting more and more calls from those who left the City in the past year and are now looking to make their way back. The interest to return is a combination of buyer’s remorse, homesickness, and the incredible deals they know they can find in the market right now.
I spoke to an agent in Long Island last week who told me that since the news of the vaccine hit, she received calls from several clients that bought during the previous six months asking about the possibility of re-selling their home. Many of these people bought houses as a knee-jerk reaction to the ongoing pandemic. In the summer, the idea of living in the Hamptons or homes with yards and pools seemed idyllic. Now that winter is here – that idea doesn’t seem so great.
Now that they are trapped inside again, the tensions have begun to mount. Being stuck in a single-family dwelling is isolating for some people who used to live in a building. Even during the height of the pandemic, there was still communal feeling – even if it was with your doorman and delivery people. Their kids miss their friends and classmates. And for some, the novelty of working from home has seriously worn off, and they are ready to head back to the office. Even clients who moved to Florida or out West are missing the culture and energy found only in New York.
Another primary driver is the recalibration of pricing. This was bound to happen regardless of the pandemic. Prices had been way too high for way too long. COVID hastened the correction. By and large, homes are finally selling for what they are worth. Yes, there are still extraordinary deals to be had in the market, and there are still people looking to leave, but the floodgates have stopped for the most part. Many who left have realized that the green grass of the suburbs isn’t always greener, and there is simply no place in the world as special as New York.
Let’s do this.
-Shaun