Buyers are having to fight for the house they want, and often get into bidding wars for their future home. And due to the lack of inventory houses are going well above asking price.
“I am not sure what to expect in the future, but I hope things take a turn for the better for the buyer’s sake” said Kristen Zorda of Flagstar Bank. Zorda has been in the business for nearly 20 years and does see one positive for the buyers: Low interest rates. Experts expect them to stay low and continue to be stable.
As for inventory, Zorda added “I don’t see any major changes but it’s hard to say. The whole country is facing a housing inventory shortage but also an increased demand for homes which makes it tough for buyers."
One unexpected result of this shortage is that homeowners who didn't originally plan on selling are now considering putting their house on the market. But where do they go if they don’t have a second home? Some are choosing to rent until the bubble bursts, while others are choosing to relocate to more rural areas. The ‘Rural Relocation’ is an interesting trend that I will dig into in my next story.
Another aspect of the pandemic, which may have a significant influence on real estate, is that it introduced us to the world of Zoom. Home tours and open houses became virtual, and long work commutes were reduced to short walks into another room.
“Remote work is here to stay” says Tom Roohan, broker owner of Roohan Realty. In his 40 years’ experience Roohan shared that he has never seen the market this challenging, stressful, and extreme. “I hope to see the supply chain go back to ‘normal’, whatever that may be, and positively impact the market in the near future.”
Licensed Associate Real Estate Broker for Hunt Reality, Helen Mastrion added “we are in a real estate reawakening. Inventory is hopefully going to loosen up. As for prices I am unsure, there has been a new standard of pricing.”