Former RHONJ Starlet Amber Marchese Explains Why Homebuyers are Leaving Cities in Droves
After leaving Real Housewives of New Jersey, Amber Marchese took up real estate. Along with her husband Jim Marchese, she specializes in helping people shopping for a first or second home find the house that suits their exact needs and budget. As a seasoned real estate agent, Amber Marchese keeps tabs both on the real estate market and the economy in general to offer real estate advice and insight to help home buyers and real estate investors make smart decisions.
Amber Marchese recently noted that she and many of her colleagues have noticed a new trend in the real estate market as city dwellers begin looking for rural, small-town properties to purchase as a second home or even a primary residence. At the same time, Amber Marchese isn’t the only one to notice a trend that could lead to rural real estate prices rising as the value of homes in large cities plummets. Million Acres, a Motley Fool company, reports that a recent poll shows a whopping 40% of all city dwellers would like to leave the city and move to either a suburban area right outside a large city or a rural community. Other researchers have found that searches for homes in towns with a population of 50,000 or less increased by over 70% since mid-March.
There are two clear reasons why homebuyers are turning away from popular cities and searching for rural residences. The COVID-19 pandemic led to Draconian lockdowns that made it impossible for city dwellers to leave their homes for an extended period of time; rural areas, on the other hand, often didn’t face as many restrictions as large, urban areas. At the same time, the recent protests and accompanying riots have made it clear to homebuyers and real estate investors alike that purchasing real estate in a large city is not a wise idea at this present time. Rioters have already threatened to target the suburbs, leaving many concerned not just about property values but even their lives.
Amber Marchese and her colleagues are right to note that there is a huge exodus from large cities. A growing number of people are turning to realtors such as Amber Marchese for help in finding rural properties at a good price and it’s not hard to see why. While this trend may reverse itself in the future, as it currently stands Amber Marchese and her fellow real estate agents will have their hands full helping new and seasoned homebuyers find suitable homes in small cities and communities. While not everyone who lives in a metropolitan area can move out, the truth is that many people want to and low interest rates are making it easy for aspiring homeowners to leave the city even if they have a limited budget to work with.