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Still Don’t Regret Leaving the North-East? 

Sep 01, 2021

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Here Are 4 Reasons Why You Should and Why It’s Time to Come Back

We get it. The neighborhoods and very landscapes that surround seemed to have morphed overnight into a dystopian bizarro-version of themselves.  But when’s the last time you’ve been back?  It’s changing, for the better. One of the (only and) unforeseen positives of the coronavirus was challenging the convention that “employees need to live close to emerging job markets, or where the hottest opportunities are or even close to where they are currently employed,” NRIA.

And, we know that this affront to the norms encouraged the great migration out of the North-East for sunnier southern (hi Florida!) or even western (hello Texas) pastures. But we also know that it is time to come back to the North-East, and here are four reasons why.



 

  1. First, in challenging the traditional ideals of homeownership, we also confronted head-on the hefty price tags that dominate those types of markets, which are primarily (but not only) urban, in-demand markets. This means that cities like NY are becoming affordable again. According to the Washington Post, “big cities will emerge more livable, affordable and economically viable than they were before” - don’t miss this opportunity!

  2. And talk about an opportunity. According to com and NRIA, half of this years’ top 10 housing markets are in the NorthEast. So, whether you fled from NY, Ohio, North Carolina, or Massachusetts, there is no time like the present to come back. Homes in these states and elsewhere in the North-East are sitting on the market for only 18 days (or less). In contrast, outside of the North-East, homes are averaging about 69 days (or more) on the market. And they are valuations are way up from five years ago, suggesting further room to rise given the typical ten-year cycle.

  3. According to Mansion Global, the North-East marries the old, antiquated ideas of homeownership with the coronavirus’s new affront to it. Cities in the North-East offer “easy access to both downtown amenities and outdoor space, relative affordability with a strong local economy, and a large number of millennial homebuyers.” So if you choose to tether yourself to the location where your job is, you now have more spacious and affordable options than you did before you left.

  4. Still not convinced? How about this? If the North-East real estate market continues to trend “with increased inventory continuing throughout 2021, it will become easier for buyers and renters who are hoping to secure a good deal this year,” at least according to Norada. Owning property in these areas not only brings you home, but they are also excellent long-term investment potentials in cities that always bounce back (clearly).


So, while the coronavirus threw us all for a loop and even relocated some of us, now that we are post-pandemic, can you hear it? You are being called back home and enticed with incentives that are too good to pass up - so don’t.  New Yorkers, Bostonians and Chicagoites are headed back in droves after tiring of twiddling their thumbs under the Florida sun.  Alex Klurfeld, who spends most of his time in Miami, but runs a volunteer effort with his wife Diana, says “We try to get back to New York city to see how things are changing and they seem to be changing for the better.  We talk a lot about moving back permanently and if the trend continues we probably will.”

And the slew of new developments under contract and starting to break ground suggest appreciation is just starting to take off.   Even investors who typically invest in companies, like Mark Cuban and Stephen Canton recognize real estate as an important part of any investment portfolio.

Experts caution, “what are you waiting for? Come home. Now you can make a wise, long-term investment that will house your family and offer financial freedom down the road if you buy now in the right market” and the North-East is that market.

Let us be the first to welcome you back home!

Tags: English