As more and more people are getting Covid-19 vaccines the world as we once knew it is slowly coming back to us. Eating at restaurants, seeing friends, and traveling may soon become part of our daily lives. If you are looking to buy or sell a house, you might be wondering what this might mean for the real estate market. Top agent insights reveal how the market could shift as shelter in place orders are lifted and the world opens up. Buyers and sellers, read on to see what you might expect from the market as more and more people get vaccinated.
The time to move could be now
Almost everyone spent more time at home during the last year than ever before. But once people are vaccinated that could all change. In 2020, many would-be sellers were hesitant to list their homes due to social distancing rules, and safety concerns.
Agents responded with virtual showings, and limited in-person showings for serious buyers, with strict safety protocols. But people were still hesitant. With the usual open houses and showings back to how they were before, top agent insights show that buyers are now feeling more at ease about seeing homes in person. Sellers too, who might have put their plans on hold, are ready to go for it.
It’s a seller’s market
With mortgage rates at an all time low, and again as vaccinations become prevalent, more people are expected to take advantage of prime time for moving. In fact, for the last year across the country, real estate agents have talked about a seller’s market, where there are not enough homes to keep up with buyer demand.
What happens next is what’s called a bidding war, where buyers have to compete to land the home of their dreams. This is good news for sellers who can potentially get more than market value for their homes, and a home affordability calculator can give you an idea of how much home you can go for with your next home.
Say goodbye to office life, and hello to the home office
Working from home may be here to stay for many people, and that is another big motivation for moves. Why work from a city when you can work surrounded by trees, or spend your lunch break at the beach? While some people will have to return to the office, many won’t and in the last year, agents saw moves to vacation homes for a more pleasant work-life balance.
This could continue with homes in desirable locations on the coast or in the mountains going for a premium. In other words, city life and real estate could be changing and that’s definitely something to be aware of if you are a city dweller thinking about moving.
Having a readily available vaccine will gradually change the real estate market, as with every other aspect of our lives. Every buyer or seller’s situation is unique but staying aware of how the market is shifting can help you make an informed decision about your next home and whether now is the right time to make a move.