The coronavirus pandemic has recreated what was once considered normal, and homebuying is no exception. This year’s real estate market trends have shifted as with the rest of the world. While home sales were typically up in spring and down during the fall, this year has seen the exact opposite with quarantine slowly coming to an end.
According to Zillow, homes are selling faster than they were pre-pandemic, as house hunters see home values rise and mortgage rates decrease. Home listings are being quickly snapped up as buyer interest increases and the competition for starter homes continues.
Real estate experts agree the ongoing pandemic has changed people’s real estate needs. The prospect of extra space and privacy seems to be driving buyer interest. Working from home, remote learning, fleeing from larger cities for more land could all be factors of the increasing appetite for homebuying. So far it seems like the economy and the elevated unemployment rate has not prevented homebuying from slowing down.
At MGR, we understand the COVID-19 pandemic has forced both homeowners and potential buyers everywhere to reevaluate the space they need. Even after the pandemic is contained, there will still be people continuing to work from home. Our real estate agents are ready to help you on your home search towards finding the perfect home for a post-pandemic world.