The coronavirus has affected all areas of our lives and buying and selling homes is no different. If you have been house shopping or have put your house up for sale you already know this. The changes we’ve seen are not too grand but there have been a lot of little ones that have affected the way that people buy and sell homes.
One of the biggest changes has been the lack of open houses. We think that something that might stick around after the pandemic is over. Less sellers are going to want random people inside their house.
Another change has been the migration from Condos to single-family homes. The market for condos in smaller places has really stalled while demand has searched for single-family homes. People are craving backyards adn an extra room to work from home.
Home sales are also taking longer. That’s because interest rates have remained low and people are either refinancing or getting into new homes. This is cost a backlog with lenders and escrow companies and real estate agents. Everyone is busy. So the time it takes to close a home has slowed down.