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Right on the Money: COVID-19 causes home buyers to look at suburbs, Gen Z renters to move in with parents

As real estate recovers from the pandemic downturn, COVID-19 may be changing what buyers are seeking.
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DALLAS — The real estate website Zillow says home sales have started to rebound from the COVID-19 slowdown, but inventory is scarce in some places. The MetroTex Association of Realtors reports inventory in DFW is running at about 3.3 months’ worth of properties available. 

Generally, a six-month inventory is considered healthy.

Zillow reports that even though pending sales are starting to pick up, home listings here are down 19.1% from this time last year. Some homeowners are apparently hesitant to put their properties up for sale. 

But if you are thinking about listing yours consider this: Glenn Kelman, CEO of Redfin, recently told Barron’s in an interview that traffic to online listings of homes in the suburbs or small towns has far outpaced those in the city -- by a whopping 164%. 

Perhaps some of those people could be looking for less dense communities or those who can work from home no longer worry about a long commute into the city. 

Another note from that article: Buyers used to be all about open floor plans---now they want some closed off spaces for separate Zoom rooms. 

Also from Zillow: Millions of members of Generation Z (many of whom just moved out on their own) are migrating back to live with their families because of the economic turmoil caused by the pandemic. 

In North Texas, this age group represents 13.3% of all renters. Landlords here could take one of the biggest hits in the country. Potentially $18,969,375 in rent receipts could be lost as many in Gen Z go live with their parents for free.

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