3 Things Pandemic Has Changed About Real Estate So Far

Q: How has real estate changed because of Covid-19? Gail, Hempstead, NY

A: We are still in the early innings of the pandemic but so far the same basic rules of residential real estate still apply (not sure the same can be said about commercial real estate, but that’s another discussion). As was the case before the pandemic, supply and demand affect residential real estate more than any other factor. Here are 3 salient changes I’ve noticed since restrictions in my local market have been lifting: 1. There is pent up demand that is driving sales and even bidding wars 2. Housing supply is even lower than before the pandemic as some property owners have pulled listings off the market and houses in general are selling at a faster rate compared to the same time last year 3. Home buying and selling has gone virtual as the consumer response to the pandemic has accelerated the use of virtual walkthroughs for example. Whether these changes are temporary or more long lasting remains to be seen so we need to be vigilant and pay close attention to what’s going on in our local real estate markets. Thanks for your question, Gail.

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