{"id":223054,"date":"2021-04-09T17:44:00","date_gmt":"2021-04-09T14:44:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-the-red-hot-real-estate-market-has-done-to-essential-workers\/"},"modified":"2021-04-09T17:44:00","modified_gmt":"2021-04-09T14:44:00","slug":"what-the-red-hot-real-estate-market-has-done-to-essential-workers","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-the-red-hot-real-estate-market-has-done-to-essential-workers\/","title":{"rendered":"#\n  What the red-hot real estate market has done to essential workers"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41a7981aa79\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41a7981aa79\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/what-the-red-hot-real-estate-market-has-done-to-essential-workers\/#How_the_COVID-19_migration_to_resort_towns_has_priced_out_many_working_class_folks\" >How the COVID-19 migration to resort towns has priced out many working class folks<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/what-the-red-hot-real-estate-market-has-done-to-essential-workers\/#Danielle_Hyams_and\" >Danielle Hyams and<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/what-the-red-hot-real-estate-market-has-done-to-essential-workers\/#Chloe_Tai\" >Chloe Tai<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  What the red-hot real estate market has done to essential workers<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"How_the_COVID-19_migration_to_resort_towns_has_priced_out_many_working_class_folks\"><\/span>\n  How the COVID-19 migration to resort towns has priced out many working class folks<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000226807\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       <em>This article is reprinted by permission from <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theescapehome.com\/\" class=\"icon none\"><em>The Escape Home<\/em><\/a><em>, a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter for second homeowners and those who want to be. Subscribe <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theescapehome.com\/about\/\" class=\"icon none\"><em>here<\/em><\/a><em>. <\/em><em>\u00a9 2021. All rights reserved.<\/em><em>\u00a0<\/em><\/p>\n<p> It\u2019s SPRING!!<\/p>\n<p>As you see more \u201cfor sale\u201d signs going up, say a prayer for those looking right now. It\u2019s tough.\u00a0<\/p>\n<div class=\"paywall\">\n       In October, Bethany Anderson was browsing job openings for teaching positions and found one in Park City, Utah \u2014\u00a0 about 1 hour and 45 minutes south of where she was living \u2014 and didn\u2019t think seriously about it.<\/p>\n<p>\u201cI just jokingly said to my husband \u2018oh my gosh, could you even imagine living in Park City, there\u2019s no way we could afford that.\u2019 On a teacher\u2019s salary it would be impossible.\u201d<\/p>\n<p>But after researching and speaking with human resources, Bethany, 27, and her husband Kaleb, 29, decided to just go for it.\u00a0<\/p>\n<p>What they didn\u2019t anticipate? How the COVID-19 driven migration of people to resort towns has created an inventory problem, further pricing out many working class folks.<\/p>\n<p>\u201cThere are a lot of people who work here, who support the community \u2014 not only service workers but teachers and firefighters \u2014 and it\u2019s very hard for them to be able to buy anything because you have all the people coming from big cities with money in their pockets that are driving the prices up,\u201d said Park City-based real estate agent Nancy Tallman.\u00a0<\/p>\n<p>The majority of recent buyers, she added, are paying in cash, giving them an advantage against people vying for the same property with a mortgage.<\/p>\n<p>\u201cWe tend to have about half of our sales in cash, but the bigger difference that we\u2019re seeing is maybe before it was for a $3 million or $5 million house,\u201d Tallman said. \u201cNow we\u2019re seeing cash for a $400,000 condo. Someone is buying it as an investment.\u201d\u00a0<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>That\u2019s really hard to compete with. Anderson said selling their three-bedroom, three-bathroom home was easy. Finding a replacement in Park City proved more difficult than expected.\u00a0<\/p>\n<p>With only a handful of properties available in their price range, she and her husband considered renting, only to discover there was nothing available. They ultimately found just three properties within their budget, but two didn\u2019t allow dogs, a dealbreaker for the couple. They eventually made an offer on a two-bedroom, two-bathroom condo.<\/p>\n<p>\u201cIt was pretty stressful. This condo ended up being at the very top end of our budget,\u201d Anderson said. \u201cWe had to double-check with our lender and see, if the seller of the condo was to counteroffer us $5,000 or $10,000 more, would they still lend to us. There was definitely some stress in regards to whether we really, honestly, make this work and not be house broke. It\u2019s such a competitive market, we got really lucky.\u201d<\/p>\n<p>Several of Anderson\u2019s teacher colleagues have had to settle for homes in nearby Salt Lake City and Midway. Those who do own in Park City typically purchased 15 or 20 years ago.\u00a0<\/p>\n<p>\u201cUnless a working class or essential worker is lucky enough to catch something at the right time, I think they would have to live outside of Park City to make it work,\u201d she added. \u201cWe almost did if this one hadn\u2019t been on the market.\u201d<\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redfin.com\/city\/15045\/UT\/Park-City\/housing-market\" class=\"icon none\">data<\/a> from Redfin, Park City home prices were up 49.2% in March of 2021 year-over-year, selling for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n price of $1.3 million.<\/p>\n<p>It didn\u2019t help that mortgage rates fell substantially during the course of pandemic. According to Jeff Tucker, a Zillow economist, typical 30-year fixed-rate loans started out at 3.50% in February 2020 and dropped to 2.65% around New Year\u2019s.\u00a0<\/p>\n<p>\u201cThere\u2019s no doubt that low mortgage rates contributed to surging sales of second homes last year,\u201d he said.<\/p>\n<p>Park City\u2019s mayor Andy Beerman calls these prices \u201cinsane\u201d for the average person.\u00a0<\/p>\n<p>\u201cA lack of affordable housing is causing us to lose our working and middle class, which threatens the fabric of our community,\u201d he said. \u201cThere is fear we will fall prey to \u2018free market forces\u2019 and lose our friends and neighbors along with our fun and quirky small town vibe.\u201d<\/p>\n<p>Creating more affordable housing, Beerman added, is one of the city\u2019s top priorities, with the goal being 800 new units by 2026. So far the 88 have been built.<\/p>\n<p>Furthermore, mortgage prices rising in 2021, as they have been to 3.18% in April compared to January, may dampen demand for second home purchases, Tucker said.<\/p>\n<p>While the influx of out-of-towners has led to an unexpectedly booming economy, there is certainly resentment from locals toward their new neighbors, Tallman said. One local coffee shop began selling bumper stickers that read \u2018I lived in Park City pre-COVID.\u2019\u00a0<\/p>\n<p>Tallman said many of her neighbors have been asking her if all the Californians are going to sell and go back to California. \u201cI say no, because they\u2019re going to live here and see that it\u2019s a better quality of life and stay.\u201d<\/p>\n<p>Despite the hassle of finding a home within her price range, Anderson and her husband agree with the sentiment.<\/p>\n<p>\u201cIt\u2019s such a h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>y and beautiful and just good place to be,\u201d she said. \u201cBut I also am just hopeful that it will become less of a rich only market, only the affluent. It\u2019s going to have to come down to the balance of providing enough housing for the workforce of essential workers and middle class workers to support the life force of the community because if that\u2019s not present there won\u2019t be any engine running for the affluent people to enjoy.\u201d<\/p>\n<p><em>This article is reprinted by permission from <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theescapehome.com\/\" class=\"icon none\"><em>The Escape Home<\/em><\/a><em>, a newsletter for second homeowners and those who want to be. Subscribe <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theescapehome.com\/about\/\" class=\"icon none\"><em>here<\/em><\/a><em>. <\/em><em>\u00a9 2021. All rights reserved.<\/em><em>\u00a0<\/em><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Danielle Hyams\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Danielle_Hyams_and\"><\/span>Danielle Hyams and<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\" Chloe Tai \",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Chloe_Tai\"><\/span> Chloe Tai <span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=21005575-02D4-D4B5-4572-D375F7EF607A&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# What the red-hot real estate market has done to essential workers &#8221; How the COVID-19 migration to resort towns has priced out many working class folks This article is reprinted by permission from The Escape Home, a newsletter for second homeowners and those who want to be. Subscribe here. \u00a9 2021. 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