Just over a year ago the nation got hit with a worldwide pandemic and it shook up the real estate market more than ever before. Interest rates and housing inventory were near record lows. The sellers market was booming everywhere throughout the country. Homeowners were also enjoying seeing their homes appreciate during this time. Then all of a sudden COVID brought home sales to almost a complete stop. Sales were dropping everywhere.
Over 40 million people lost their jobs which kept the housing market sinking more and more. Home sales dropped almost 20 percent nation wide and then the push to move to the suburbs hit as people wanted to flee out of the crowded cities. Home prices keep rising in some areas almost as much as 15 percent increase in value. Realtors are now worried with less homes being listed in 2021 there could be a several hundred thousand gap in the amount of homes being listed. Some homeowners don’t want to sell right now because although they may get a good sale price, when they shop for another home they will be getting much less for much more money, so some are deciding to stay in their current home.