COVID-19 and Housing Market Update
COVID-19 has changed the housing market tremendously. Mark Spain Real Estate is here to provide you with the most up to date information so you can stay in the know and make the best real estate decisions. Find out below why more people are moving, and why.
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With the uncertainty of COVID-19, one thing is for sure, the virus has affected the real estate industry at an unprecedented scale. Mark Spain Real Estate was quick to adapt and take necessary actions during the pandemic to continue serving our clients at the highest level. This pivoting and change has actually increased the overall confidence in consumer demand and allowed our team and the communities we serve to experience strong housing markets throughout the second and third quarters.
While interest rates have remained at historic lows throughout 2020, it is difficult to anticipate what is ahead. However, how the real estate market continues to perform and what interest rates homebuyers are able to finance at will reshape how many Americans live in the new post-pandemic society. As a result, Americans will consider these factors when choosing where to live and ultimately buy.
Real Estate Industry Update
Against all the uncertainty, the COVID-19 pandemic has actually created many opportunities for the real estate industry. We are seeing city dwellers move to the suburbs more frequently. These suburbs that were once seen as lacking in amenities are now flourishing.
Americans are also seeking warmer, safer, smaller, healthier, and quieter communities. Communities and suburbs offering better schools, lower taxes, good hospitals, and a breath of fresh air are highly sought after. Many are looking for homes with more space to allow for a home office, larger kitchens, and easy access to outdoor activities and entertainment. The pandemic is revealing where people want to live versus where they had to live for convenience and work. As we are seeing now, the suburbs are flourishing, and people are still moving during the pandemic to these popular communities.
In addition, people are moving faster than they were pre-pandemic. Mark Spain Real Estate has seen tremendous growth and activity during the pandemic and continues to serve each client at the highest level to reach their real estate goals. Even the cooler residential real estate markets are experiencing growth as well. Buyers are eager to buy, and homes on average are selling quicker and for more than last year.
Information provided by Forbes.