Zoom Town? Never heard of her—until now. This term has popped up recently to describe locations where real estate is booming due to the uptick of remote work during this pandemic. Prime example? Truckee, an outdoorsy person’s dream town just northwest of Lake Tahoe. Skiing, hiking, mountains, lakes, great restaurants, an emerging art scene, all at 1/2 of the price of a home in San Francisco?? No wonder so many people are snatching up homes out there. But of course this isn’t happening in Truckee alone. National home prices are up 8% from this time last year, proving that there is still a huge demand for homes all over the country.
What has become abundantly clear is that at this point there are “two Americas”: a booming side filled with folks who remain gainfully employed and have the opportunity to take advantage of low interest rates, and a gloomy side, where nearly 3 million adults have moved back in with their parents and almost 30 million Americans are on unemployment benefits.
All things real estate.