Delta variant accelerating move from cities to suburbs: Real estate expert Mitch Roschelle
Macro Trends Advisors founding partner Mitch Roschelle provides insight into the exodus from urban centers to the suburbs amid COVID worries.
Macro Trends Advisors founding partner Mitch Roschelle argued on FOX Business' "Varney & Co. that Delta variant concerns are pushing more families to consider moving to the suburbs if city schools go virtual this fall.
NYC’S ‘BIGGEST PROBLEM IS CRIME’, REAL ESTATE EXPERT SAYS
MITCH ROSCHELLE: This whole Delta variant and the notion that perhaps schools may be masked up or partially virtual has got people who live in cities — not just New York — picking up the phone, calling realtors, going online, and looking at houses in the suburbs and asking the very important question: What does your local school intend to do this fall?
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In the suburbs, [the inventory shortage] loosened up a little bit. However, we're still talking about it being a fraction of what it was a year ago and even a bigger fraction of what it was at its peak around the time of the housing crisis.
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[Low supply and higher prices are] certainly hurting first-time home buyers. The only good news – the mortgage rates, they've come down as the 10-year Treasury has come down. So that helps a little. But the reality is first-time homebuyers are getting squeezed very hard as prices go up double digits — 20% in some markets year-over-year.
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How are delta variant concerns impacting housing trends?
Macro Trends Advisors founding partner Mitch Roschelle on construction shortages in the suburbs and families moving out of cities due to the delta variant impacting schools.
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