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Jennifer LeBow

Post-COVID housing trends

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Learn how quarantining and working from home during COVID will affect trends in housing.

What housing trends will COVID drive?

While, at time of this writing, states are just starting to reopen and there is still no certainty of a second wave (if or when), housing trends are already emerging. These patterns could be short-lived, as (I hope) the threat of COVID recedes over time, or they could mark a long-lasting shift. While this article is focused on England, the US is experiencing very similar changes. Many buyers have changed their criteria and other, who were not considering a move pre-COVID are now. What factors are they considering?

The ability to work from home

Some employers who have been forced to allow employees to work remotely might not continue to do so once they are legally permitted to open their offices. However, most experts (and employees!) expect an increase in the number of people who work from home, either part- or full-time. As a result, people who live in a particular place because of commuting requirements may now find geography no longer a limiting factor.

What are the new criteria?

Lower cost

If a job has required living in a major city, it’s likely that the housing dollar doesn’t go all that far. If working from home but living elsewhere would be more affordable, a move might make sense.

Location

Aside from lower housing costs, location might be important. Some remote workers may want to move closer to family or to an area that better matches their lifestyle choices (like Colorado for ski-lovers, for example). Weather may be a factor as well.

Population Density

The biggest lesson COVID has taught us is that physical distance from other people might be imperative for our health. Not surprisingly, the trend in on-line buyer home searches is toward smaller towns (a trend that was already on the rise pre-virus). Another side effect of COVID in cities like New York is a reduction in appeal. Many of the features that have drawn people to live there–theater, museums, tightly packed retail, restaurant and even sidewalk spaces, public transportation–will be harder to use and enjoy due to new health rules.

Home and property features

As a result of having sheltered (and worked) in place for several weeks, certain “must haves” have found there way onto buyer’s priority lists. The most common include a home office or other flexible space, guest room and outdoor space. Buyer demand for bigger kitchens and home gyms (or the space for one) have also surged.

Shift in how homes are used

With more people using their homes as their offices, a space to work in will certainly become a priority for many. When considering what to look for in a home, more space is also a trend that is expected to continue. When everyone in the family is home at the same time, more elbow room for different activities is a major advantage. Guest space to house either short-term or longer term visitors is also on buyers’ lists. The location of the house, the property surrounding it and the layout, square footage and flexibility of space are receiving a lot of scrutiny in the wake of COVID. The lower cost of certain areas may heavily influence buyers’ choices if they can work from home. Furthermore, quarantining has reinforced the concept of home as a safe haven, not just a utilitarian place to house sleeping and eating quarters for a family. As a result, some of the less tangible aspects of houses (how they “feel”) may receive more attention in the home buying process. For more on how the corona virus may impact the housing market, click here.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

Curb appeal is critical when selling your house

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The importance of curb appeal when selling
When you are preparing to sell your house, don’t overlook the value of strong curb appeal.

Don’t overlook the curb appeal of your house

While it’s true that we spend much more time inside of our houses than pulling up to the curbs on the outside, people still put a lot of stock in how the exterior looks. If you are selling your house, you want it to be inviting, from the very first impression–when the buyer first sees it from the street. So if you are putting your house on the market, do yourself a favor and go stand at the curb and take a critical look.

What to consider when assessing curb appeal

So what matters to prospective buyers? The lawn and landscaping, to be sure. Your property should be neat and tidy, even if it only has grass. Keep it mow, if it’s late spring-early fall. If there are perennial plantings, make sure they are trimmed and not overgrown. Trees should be devoid of dead branches and should not overhang the roof. If it’s late fall, be sure to rake or blow the leaves and don’t overlook the gutters, which can easily become clogged with leaves and other debris.

What about the driveway? Is it in reasonably good condition? And the mailbox? Of course it’s silly–a new buyer could easily replace a dented or rusty mailbox and no, that mailbox may in no way mirror the condition of the house. However, first impressions are first impressions and a prospective buyer might make assumptions, even unconsciously, so don’t provide opportunities for negative opinions to form when there are simple, inexpensive remedies.

Wash the windows. This task has value once people are inside the house as well. Consider what is visible through the windows from the exterior and make any changes that might be indicated. Does your front door need to be painted? Does the spring work on the storm door? (You’d be surprised how often broken door springs turn off buyers.) Check the facade and look for any damage. If you have siding, make sure it’s all firmly attached and well-painted. Are the shutters hanging crookedly off the house? Brick or stone work should be examined for any pointing concerns. Same goes for the chimney. Gutters and downspouts should be clean and well-attached.

Don’t underestimate the value of curb appeal

Remember, the exterior is the first and last impression a prospective buyer has of your house. While the interior space and layout may be more important in the long run, we often form opinions on “looks”. When a buyer is pleased with the facade and the front yard, it creates an initial positive feeling about the property. People want their homes to feel inviting. An attractive, well-maintained facade and property contribute to that feeling. So when you are preparing to list your house for sale, don’t overlook the importance of good curb appeal.

Should you list your house during COVID?

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Should you try to sell your home during the pandemic?
If you are thinking about listing your property for sale during COVID, there are a lot of factors to consider.

Considering selling your house during COVID?

Spring is normally the busiest time in most real estate markets. More people are listing and shopping for properties than at any other time of year. This year, the spring market came to almost a grinding halt as a result of COVID. Now that it’s mid-May, many sellers are wondering whether they should list. There are a lot of factors to take into account and there are plenty of difficult-to-predict scenarios.

COVID-related factors to think about

Health and safety

First and foremost, there is the health and safety issue. Yours and your family’s, as well as the buyers’. How about your agent and theirs? And the larger general public? We all know that the more interactions we have, the more we are out and about, the greater the number of cases of COVID we have.

Supply and demand

Supply and demand is always something to consider when you are selling a house. The old “is it a buyer’s or seller’s market” question is omnipresent. At this particular time, though, the virus is adding another layer to the complexity of showing properties, which affects the buyer pool. Many buyers do not want to tour properties for fear of exposure to COVID.  So there are fewer buyers actively looking right now. (Interestingly, houses have actually been selling to buyers who have NOT visited them in person, but have bought them based on photographs, video, interactive floor plan and 3-D modeling tools. That said, most people would not buy without walking through a house first.)

So there are fewer buyers out there, to be sure. However, there are also fewer properties available for sale right now. Many sellers share the same concerns about exposure, so they are not listing because they don’t feel comfortable having people coming into their homes. There are also sellers that, even if they would allow in-person showings, figure that many buyers have put searches on hold right now, due to infections worries as well as job-related/financial concerns.

Clearly, assessing the supply and demand landscape during COVID is complicated.

Financial uncertainty

With job losses or a reduction of hours, many would-be buyers are too unsure of their economic futures to pursue a purchase at this time. Buyers, though, aren’t the only ones in this equation with murky financial outlooks. What about sellers? Some might feel it’s wise to sell now as they may be forced to downsize in connection with reduced income. Others may decide to take a “wait and see” approach. Then there is the market itself. Will prices rise as pent up demand creates multiple bid situations? Or, with any kind of recession and increased unemployment, will the market soften, causing home values to drop? There are plenty of “industry experts” making predictions, but no one actually knows what the market is going to do in the next several months.

So how should you decide whether to list now?

Define your target buyer.

What kind of demographics best describe the most likely candidate for your property? Then ask yourself if anyone in that group may be under a time constraint to buy now. For example, people who want to be in a new home before the start of the school year (so the kids don’t have to switch mid-year) may be beating the bushes looking for family houses in neighborhoods. People who have sold their homes and will be settling soon (or have recently) are among the most active buyers at the moment. Finally, people experiencing life changes (divorce, new baby, job change, etc.) may not have as much latitude as far as being able to wait to find a house. So try to get a sense of how likely your target buyer may be needing to make a move sooner rather than later.

Examine your competition.

Part of understanding supply and demand requires you to understand how your property compares to others for sale. If your home is very similar to others on the market (in price range, location, condition and style), you will have a harder time selling…..UNLESS lots of buyers are looking for that type of home. By the same logic, if your house is unusual in a “good” way (everybody wants it and properties like it rarely come up) vs. in a “bad” way, (people find it odd or unappealing) you will have more buyers interested. If you do decide to list, be sure your agent’s marketing focuses on its most popular features and any unique/special characteristics that are in demand yet hard to find.

What incentives can you offer a buyer?

Since there are fewer buyers looking for homes right now, you may need to get creative as far as attracting them. Can you offer any particularly appealing benefits? Consider covering a year of HOA fees or offering extra time for inspections or paying for a cleaning service after you settle. Property maintenance is popular too–lawn mowing/leaf collection for a year might be appreciated. Could you provide any flexibility around the settlement date, if that helps the buyer?

COVID is responsible for unprecedented change and uncertainty. Trying to navigate selling your home during this pandemic is challenging, at the very least. There are no clear answers to questions about listing in this current environment, but some level of analysis still possible and worthwhile. Think about health and safety, how appealing your home will be to the smaller buying pool that is currently active, what your competition looks like as far as supply and demand and your own financial position to make the best decision you can.

How to lower your home buying budget

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Philadelphia Main Line relocation
If recent events have made you decide to reduce your home buying budget, here are some suggestions.

Lowering your home buying budget

Recently, we’ve seen crazy swings in the stock market and many people have job concerns as a result of corona virus fallout. That said, people still need to or want to buy homes. What should you do if you are still interested in purchasing, but have decided to lower the price point? There are several specific criteria which you can consider to reduce the cost of a property.

School district

In the Philadelphia/Main Line area, school district greatly affects price. In reality, “lowering your sights” in this particular category may be one of the best options in reducing cost without sacrificing much value. Here’s what I mean: while several of the Main Line school districts are among the top in the state, many of the surrounding ones are still in the top 10-15% and very competitive. From a hyper-local perspective, the “very best” districts command higher prices for housing than the next tier down, the difference from a slightly greater distance is minimal and your child will still receive an excellent education. For more on Philadelphia area school district options, click here. For important information on how rankings are figured, click here. To understand how you can know which school district a given property is in, click here (this is not as clear cut as you might think!).

Size

Lots of people have a minimum number of square feet in mind when shopping for a house. You may need to reduce that figure if you are looking in a lower price point. That said, some creativity in how you use the space that’s there can help! Basements are usually not included in square footage figures–might finishing a basement provide enough space? The same goes for attics. If your goal was to buy a place with room to grow, might converting the garage to a family room down the road be a viable option? How about flex spaces? Sometimes a home office with a pull out sofabed can double as a guest room or a hall nook can serve the office need.

The other size requirement often centers around property size. It’s terrific to have enough property for a pool, if that appeals to you, or just for the kids and the dog to have a great play area. Does that mean a slightly smaller lot would prevent them from enjoying the home’s outdoor space? Probably not. If privacy from neighbors contributed to your original lot size decision, might a fence or row of shrubs mitigate the closeness of adjacent properties?

Amenities

Do you really have to have a garage? Maybe you could live with a one-car instead of a two-car? Sure, while you’d much rather have air conditioning than not, could you manage to live with window units for a few years until you’ve saved enough to install central air? If you’d put a finished basement on your list of must-haves, might you be able to wait and finish it later or use it unfinished for a while? Finally, especially in the Philadelphia suburbs, the updatedness of a property has a huge affect on its price. If you can live with a somewhat dated kitchen and maybe older bathrooms for a while, you can save a lot on a home purchase.

Location

You know what they say: location, location, location. Maybe you need to consider a commute of ten minutes more than you had previously. The commute question may be further affected if you had been planning on taking the train and were looking for a home within a five minute drive. If you are willing to drive to work or even drive furhter to the train, you will have many more options in your budget. Being close to the train (but not hearing it!) drives up price. Maybe you could think about looking in neighborhoods you’d dismissed because the lots were smaller or the on street parking for guests wasn’t as convenient. You might need to rethink walkability to retail and restaurants as well.

Compromises increase as budgets decrease

No matter what you’re buying, when you lower your budget, you increase the compromises you must be prepared to make. There’s no way around it. Some creativity and revisiting what you’ve previously identified as “must haves” can make it less painful and feel like you’re giving up less. You might be surprised–sometimes a certain feature you thought you couldn’t live without ends up not mattering very much at all.

Post-COVID New York will be vastly different

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NY will look different post-COVID
New York City will never be the same post-COVID.

How is New York particularly affected by COVID-19?

Again and again, I hear New Yorkers saying “New York will never be the same.” If New York is known for anything, it’s for being crowded and full of people. From the subways to the restaurants, to event spaces and even sidewalks, New York is crowded. Even residential spaces are crowded. Not only are they very small, but the cost of living is so exorbitant that many people live with at least one roommate, so the chance of infection is higher than in less densely populated homes, like those in other, less expensive areas.

Reasons for living in NY may be less accessible after COVID?

The common assumption is that we will not, at least for quite some time, return to “life as usual” once the virus has been somewhat contained. All predictions include some degree of social distancing. If some of the activities and destinations that are most popular (and often cited as reasons for living in New York) become inaccessible due to efforts to reduce crowding, some people may feel that the rewards no longer outweigh the challenges of living there. Consider how going to the theater, Rockefeller Center, shopping, restaurants and museums (nevermind riding the subway to get there) might look very different in the near future.

The economic impact of COVID on the New York lifestyle

Obviously, people across the world have seen job losses and/or reduced income as a result of COVID. Keep in mind, though, that, due to the cost of living in NY, many residents spend a much higher percentage than others for their basic living needs. If, due to a reduced financial position, those favorite activities might no longer be affordable. Not being able to pay NY prices for retail, dining or special events may give some residents pause about whether it’s worth staying there with the high cost of living. COVID-related changes will just increase the already existing trend of migration out of New York.

Working from home is tough in New York

Prevailing wisdom points to an increase in the number of people working from home once the pandemic has subsided. Both employers and employees have seen that many jobs that previously required an on-site presence everyday, may be carried out from home. Consider that working from home in a tiny apartment (often with a roommate who might be doing the same thing) can be claustrophobic. Additionally, if you have not enjoyed living in NY and find you can do your job remotely, there may be no compelling reason to stay. Even if you have enjoyed living there, you may be swayed by the opportunity to have more disposable income and/or live more comfortably by choosing to work remotely from a less costly area.

Contact me if you’d like to talk about your relocation! 610 308-5973, jen@jenniferlebow.com.

If you are relocating to the Philadelphia/Main Line area, please go to my relocation tab.  If you’d like to read other blog entries related to relocation, please scroll down a couple of lines from here and click on RELOCATION (to the right of FILED UNDER). Thanks!

 

Moving from New York to Philadelphia

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Philadelphia Main Line relocation
New Yorkers have been relocating to Philadelphia for years, and now, more than ever. Find out why.

Are you a New Yorker considering a move to Philadelphia?

For many New Yorkers, there simply is nowhere else they’d rather live. Personally, I think that’s great. Loving where you live is a tremendously strong indicator of general happiness. There are, though, people who find themselves questioning whether a move might improve their overall satisfaction. Should you be considering a relocation? For those who might, but want to remain in a nearby city, Philadelphia might be just the ticket. Click here for a comparison of cost of living, lifestyle and vibe of the two cities. Click here for an overview of what it’s like to live in Philadelphia.

Over the last decade or so, there has been an increase in the number of people moving from NYC to Philadelphia. Some of those people even make the move with no job interruption as it is commutable (I wouldn’t want to do it, but if you’re already used to spending up to two hours commuting, it’s not any different!). Others either work from home or change jobs. The exodus can’t be traced to a single reason, but the most common ones were cost of living and lifestyle. Particularly post-COVID, a move from New York to Philadelphia makes a lot of sense. For more on that topic, click here. To see where those New Yorkers are going, click here.

Cost of living

There is no way around the astronomical cost of living in NY. From rents to parking to food, everything is expensive. While salaries are generally slightly higher than they are in Philadelphia, they don’t normally cover the gap. As a result, most New Yorkers spend a higher percentage of their income on the basics, leaving less for savings or luxuries. If you find that you have very little leftover after paying for necessities, it might be time to think about relocating to an area with a lower cost of living.

Lifestyle

The most commonly cited advantages of living in New York is that it “has everything, from shopping to theater to museums to great restaurants” and something is always open, regardless of time of day. Inarguably true….but, if you can’t afford those quintessentially New York activities, does it really matter that you’re surrounded by them? And I always wonder who is so committed to shopping/eating in the middle of the night. Yes, certain people work at night or are simply more nocturnal and need access to certain services. Philadelphia doesn’t offer the same number (or variety) of those as New York, but it’s not like you can’t get a cheesesteak from Pat’s or Geno’s even if it is 2:00 am.

What does Philadelphia offer a New Yorker?

Well, to begin with, it’s not very far away. It’s commutable by train (from center city Philadelphia as well as the Main Line towns of Ardmore and Paoli). It’s still a big city (currently the sixth largest in the U.S.), so it has a big airport, sports teams, and all of the expected trappings of a larger metro area. It is, though, a city of neighborhoods. People who move here often note that within the city as well as in the suburbs, the neighborhoods are distinct and provide a sense of community and belonging. Culture and the arts are also thriving in Philadelphia; the mural arts movement began here and the museum choices are pretty impressive. While Broadway is found only in New York, Philadelphia has several well-respected theaters.

In terms of “feel”, if the East Coast vibe of “old, established city with history” is one of the aspects of New York that you like, Philadelphia won’t disappoint. There is more history in this city than you can shake a stick at. And if you’re worried about missing the jewel that is Central Park, Philadelphia has you covered. Philadelphia’s Fairmount Park is the largest urban park in the world and contains 63 separate parks within its borders. It’s five times larger than Central Park! All areas are open to the public and include horse trails, waterways, forests, gardens, open fields and more.  To learn more about how expats find things in Philadelphia that feel comfortable, click here.

So…..should you move to Philadelphia from New York?

Every move is unique as far as its motivating factors and all the pros and cons to the specific individual or family that is relocating. There are, though some common themes. Click here and here and here for some articles that address this migration. If you’re interested in reading some personal accounts of people who have made the move, click here and here.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag.

Quarantine-inspired home projects

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home projects during quarantine
While we are all forced to stay at home as much as possible, we can still be productive.

Projects during quarantine

We are home-bound, and for those with curtailed career-related work, some people are complaining of boredom. Instead of being bored, be productive! My guess is that, if you look around your home and property, you’ll find plenty of opportunities for improvement, like repairs that have been neglected and exterior lawn and garden work to be done. You know what I’m talking about–all those “We should…..” maintenance or improvement projects that have been neglected. If you are more likely to tackle a closet clean-out project, you may also be providing much-needed donations of clothes and household goods. There will be more people than ever needing those things you are no longer using. Click here for more.

I made the bold decision (read: bit off a little more than I wanted to chew) to repaint my interior space. With my daughter’s help, we actually did a decent job. The taping, spackling, sanding, tarping, removal of pictures from the walls were all time consuming and not what I’d call fun, but it looks so much better. I also feel a sense of having been productive and improved my home. It’s nicer for me to spend time in (which I’m doing a lot of these days) as well as improving its value were I to sell it.

Home improvement projects not your thing?

Not every home owner is a DIY enthusiast and some people keep their homes in pristine condition, so house projects might not make sense. Additionally, in this uncertain economy, many are uncomfortable with unnecessary cash outlays. Fear not! You can still be productive during quarantine. Are there things you’ve always wanted to learn how to do? Play the ukulele? knit? learn Korean? I’ve been teaching myself how to make sourdough bread. I’ve read a bunch on line and discovered an added benefit: there are blogs and facebook groups out there for just about any hobby or interest. Interacting virtually with people who are involved in something you’re learning about are usually happy to talk and provide another source of connection/community.

Organizing during quarantine is a worthy endeavor!

If your desk looks anything like mine, well….enough said on that subject. Maybe it’s time to digitize all of those old family photographs so they aren’t lost to damage. One of my daughters (strongly) suggested to me that I ought to type out all of my recipes so “they are readable and they don’t get lost”. Of course, if you are in sales or a business that relies on using your contact management system (CRM) for generating income, that’s a great thing to organize during this time at home. You might also look at your personal contact list and connect with people whom you haven’t talked to recently. A quick call or text or email saying, “I’m thinking of you and wanted to let you know that!” can be incredibly welcome and appreciated.

Planning for post-quarantine

This one is a little tricky. Thinking beyond today, since none of us can predict what the immediate future looks like, is a challenge. However, there will be life after quarantine and while we don’t know exactly what shape it will take, it’s best to be ready for it! So you might want to consider some longer term planning. (If nothing else, it will allow you to focus on something other than corona virus news.). You don’t have to spend any money, either! For exampe, I looked through all the websites I use to order my bulbs and perennials and made lists of what I’d like to plant this fall. I made a garden sketch to figure out how many of which plant I needed and noted where everything would go to make planting much easier.

Are you considering a vacation with your family? You can do the research now and scope out the best hotels, attractions, time to go….true, it might not come to fruition, but if it does, you’ll be prepared! If you are NOT interested in doing home improvements as mentioned in the beginning of this post, you can make a master list of all those projects for future planning. If you are a calendar keeper, make sure all your important dates (events, birthdays, appointments) are recorded and reminders are created.

Make the most out of quarantine

Very few of us would choose to be in quarantine. However, we are. So try to make the best of it and find things you can do that are productive. They can be personal betterment projects, like learning a new skill, community-focused projects, like donating items you are finished with, or tangible projects like painting your house. Soon enough, I promise you, we will be complaining of being too busy to do these kinds of things. My advice is to follow the adage “When life gives you lemons, make lemonade”. Stay healthy and safe.

Spring cleaning, covid-style

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Spring cleaning becomes Covid-19 donations
Donations of household goods will be in extremely high demand as a result of Covid-19

Covid-style spring cleaning

While it happens to be spring, the cleaning out of closets I’ve been doing over the last several weeks isn’t really related to the season. It’s a direct result of two realities, both specific to covid-19. The first is that, in quarantine, with very limited real estate work I am able to do, I can’t use the excuse that I don’t have time to do things around the house. The second, more significant reality, is that donations of clothes, toys and other household goods are and will continue to be in great demand. With so many people economically hurt by the closing down of businesses, many are and will be in a difficult financial position. With no spare cash, people will need donations of all kinds of items.

Covid-style cleaning:

Clothes

Clothing is the first line of attack for me. It’s fairly easy to go drawer by drawer and then to the closets and take out clothing I don’t wear. If there’s something I think I might eventually wear, I keep it, but am trying to be more honest with myself. If I haven’t worn it in a couple of years, I figure it’s not ever going to see the light of day again if I don’t give it away. After your clothes, don’t forget how important sheets and towels are and go through your linens.

Stuff

Next is “stuff”. If you have kids, I’d recommend going through toys, games, books, art kits, abandoned instruments, dress-up clothes and similar things. Note: in the hopes of having grandchildren one day, I have certain books and toys that I have set aside. As long as you have space, I think keeping the really special ones is wise. Just divest yourself of the ones your kids don’t enjoy anymore. Same thing for the “meh” ones, things that won’t stand the test of time, or are very common and easy to replace.

Kitchen

Next, I advise tackling the kitchen. You may have things you’ve received as gifts you don’t use, like a salad spinner, wine decanter or any number of gadgets. You may also have extras of certain things. I know I seem to have mugs that reproduce in the cabinets. How many mugs do you really need? Any extra dishes pots and pans or other cooking vessels you don’t use much? Someone will be very glad to have them.

Equipment and tools

If you have an unused weed whacker or an extra drill, you can be sure someone would be happy to take it off your hands. How about a vacuum that you haven’t used since you got the Roomba, or a computer that you’ve recently upgraded from? You might even have an extra bicycle or piece of exercise equipment that hasn’t been used in a long time–use a critical eye to consider what you might be willing to part with.

Small way of contributing

Many people are making cash donations, delivering or ordering meals for others, making masks, and otherwise supporting their fellow community members. If you are looking for a way to help that doesn’t involve spending money (which is not unreasonable in any case, but particularly with the current economic situation), donating things you aren’t using anymore is a great option. And, of course, you also end up with a lot less clutter and a more organized home, with fewer unused and unnecessary items.

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