Real estate is a different kind of business. Buying stock in a company may give the buyer a sense of ownership, but it doesn’t usually mean a strong emotional attachment to that company.
Real estate has more than a hint of psychology involved - property may be an investment, but it usually involves the heart as well. Buying a place where you’re going to live, even if it’s part time, causes an emotional tug. An attachment is formed, and it can be a strong one.
Our emotions have all been taking a beating the past few years. We have changed.
Isolation made us value community, and also appreciate the treasure of quiet time alone. So when buyers look for a home, they increasingly want both — a home where they can be close to and part of a community, but also a place to retreat when they need space.
The soul searching many people did regarding what they were willing to accept in a work/life balance led some to make huge changes.
YouTube suddenly blossomed with people moving to isolated islands or tiny villages all over the world, and sharing their experiences. My personal favorites are videos from a middle aged couple who moved to a dilapidated cottage on an island in Scotland with their two pet sheep and two cats.
In New York’s Catskills, the influx of young folks from more populated areas hasn’t slowed down, though rising interest rates have slowed down sales. Properties that need a ton of work aren’t selling quickly, because everyone now knows that not only are good contractors busy, but the cost of materials has skyrocketed.
The “I want to be in a village” crowd is now leaning more toward “I want to be NEAR a village.” The “I don’t mind some work” crowd is now more attracted to properties in good shape that may need some paint and decorating. The rugged aspiring homesteaders are still out there, longing for a property that already has a well and septic in place, but their budgets are lower, and logic has begun to overpower their idealism.
The small communities in the Catskills are changing, and, like all change, that’s good and bad. Businesses are opening, but aging infrastructure is struggling to meet the demand. Here’s a recent article about it in our town. The schools are struggling to find teachers and there are still fewer students than there were in decades past. Each community is wrestling with the issue of short term rentals and development - with some villages enacting limits on short term rentals, and towns preparing to deal with planned developments of tiny home short term rental developments on quiet back roads.
We learn when things change. So what have we learned?