What most Coastal agents
don’t want to agree: A Coastal Exodus!
T
here is an upcoming thread recently where most San Francisco and Bay Area people are relocating away from the coastal areas to more inland places. This results from the growing need as city dwellers forced to work from home due to the ongoing pandemic are looking for more spacious homes. This movement has posed the question, is this a coastal exodus? However, agents in the San Francisco and Bay Area differ with what we’re seeing. HousingWire approached some agents from the area to speak to them about what they’re experiencing in their respective markets. According to them, there’s no coastal exodus everyone is talking about. A general manager and broker associate at Century 21 Real Estate Alliance, Romeo Aurelio, stated that the exodus is actually in the rental market since San Francisco comprises 70% renters. Aurelio added that July 2020 sales surpassed the July 2019 sales.
“There’s been such a pent up demand here in the Bay Area, where before the pandemic we received 10, 15, 20 offers on properties,” Aurelio said. “Now during the pandemic, things did take a bit of interest because it was such an unknown, but because interest rates have stayed so low and ended up in demand. Even though there’s maybe a little bit more inventory right now it’s actually making our markets even stronger. So on the sales side of things, things are absolutely fantastic.” However, the story is told differently
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The Power Is Now Magazine | OCTOBER 2020
