Schools and their impact on the real estate market
What will back to school look like this September? The question is dominating casual conversations, back to work plans, and influencing real estate decisions.
The flexibility of rentals
Scott Harris, a top agent at Brown Harris Stevens
Schools, jobs, childcare, and schedule coordination are just a few of the things that a family has to juggle on a regular basis, and all are currently amplified. For owners looking to transition from their current home, many are gravitating towards rentals as an intermediate step. And on the flip side, sellers are opting to list their homes for both sale and rent in an effort to expedite the process and take something off their plate, even if just for a year. Anytime a family is considering, “what do we do right now,” flexibility is always an attractive option in the absence of real information.
A change in search parameters
With a combination of in-person and virtual learning a probability, people may opt for a property closer to their child’s school in an effort to simplify the commute. Unless full isolation measures go into effect again and parents are continuing to pay New York City private tuition are caught elsewhere, it’s not sustainable to put down roots in another market and place children in those schools.
Shifting needs of childcare
Childcare can put pressure on a dual family household in the best of times. When school begins, families generally transition to part time babysitters to full time nannies given the adjusted time needs with class occupying the afternoons. However, with an uncertain school schedule as the new year approaches, families question the best path forward. Many households may opt for one parent to remain in home indefinitely, which could impact both home needs and budgets.
Let’s get to flat ground
From optimizing the space to learning the ins and outs of a new building, there are always a number of unknowns when moving. When due diligence is rushed, details can be overlooked and people might find themselves in a suboptimal position. Marathon runners are taught not to make strategic decisions while running up or down a hill. With that in mind, people may opt to stay put until there is a clearer view of the path ahead.
Scott Harris, a top agent at Brown Harris Stevens, has successfully transacted more than $750 million of New York City residential properties.
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