It’s hard to believe that we’ve been living with the constraints of pandemic for well over a year now. What was once shocking and foreboding now seems almost normal. As the vaccine becomes more and more available, the country is starting to loosen its restrictions around social distancing, capacity limits, and even masking. In the world of real estate, COVID-19 posed many challenges that were soon met with adaptations, like virtual showings and distanced closings. While many of these new processes might stay, including the heavy reliance on technology, real estate will likely be impacted yet again by the rollout of the COVID vaccine. Here’s what we expect to see.
A Popular Spring and Summer Market
According to top agent insights, while quite a few people are still hesitant to list their house on the market due to economic fears, most are getting ready to sell later this year. The past several months have been a whirlwind, which is why quite a few people have held off on both buying and selling a house. However, with updates from the CDC rolling in regularly, people are beginning to feel more confident that there isn’t going to be another sudden lockdown. Many regions in the United States are already in a seller’s market, meaning that there are more people searching for houses than there is supply. This is expected to either remain steady or become increasingly more competitive in the upcoming months.
During the pandemic, one house feature that was high on the list for many was a private backyard. This offered people a way to escape the constraints of lockdown and enjoy some time outside without putting themselves at any sort of risk. This summer, people are looking forward to safe gatherings due to rising rates of vaccinations, and their backyards serve as the perfect spot to do so. Whether you just bought a house, you’re planning on buying a house, or you’re looking to sell a house, adding in a deck, patio, or other features designed for backyard fun might be in your future. Not only is this an enjoyable addition, it can also increase your home’s value.
Continued Inventory Supply Issues
When the pandemic first started to cause shutdowns globally, the supply chain of building supplies was negatively affected. As more and more people became sick, shutdowns across the globe became commonplace, and the materials needed to renovate and build houses became scarce. Even as the United States began resuming normal activity, other countries continued to struggle. The COVID-19 vaccine will likely increase the optimism surrounding buying a house, but the inventory shortage will push many areas deeper into a seller’s market. As noted by top agent insights, we can expect to see the competition surrounding buying a house increase even more.
If you’re planning on purchasing a home in the next few months, we suggest getting your ducks in a row ASAP! Consult with a real estate agent, look at a home affordability calculator, and do your research. That way, when the time comes to buy, you’ll hit the ground running!