How Will The COVID-19 Vaccine Shape The Housing Market’s Future?
The COVID-19 vaccine is making its way into the arms of millions of people each month and it’s only a matter of time before life returns to normal. One question on many people’s minds who are thinking about buying or selling a house is how will the vaccine rollout shape the future of real estate?
Real estate’s future according to top real estate agents
According to Homelight’s Q1 2021 survey, 42% of participating real estate agents believe the promise of a vaccine will increase buyer demand. However, 53.6% of agents say that sellers are still a little hesitant to list but they plan to list later this year.
So what does this mean for the market?
The housing market in many areas across the country favors sellers because there’s such high demand for housing. What’s really interesting is that 22% of surveyed agents say the distribution of the vaccine is affecting their market. For example, 31% of agents in the Northeast, where vaccine distribution has been relatively incident-free, are seeing an uptick in real estate activity. However, only 14% of the South Central region can say the same. This could be attributed to the reluctance of the population in the South Central region to get vaccinated.
The future of real estate looks bright
For those who are thinking about entering the market as a seller, now’s your time to cash in because there are far more buyers than inventory. This means it’s not very likely that your house is going to sit on the market or you’ll have to take a low offer.
Buyers, you’re going to have to come with your A-game and submit your best offer first. You will definitely want to consult with your real estate agent because they’ll give you advice regarding what would be an appealing offer for sellers.
As much as we want to say for sure what the future of the real estate market will be like, we simply cannot. However, real estate agents are optimistic that the business in their region will continue to thrive as more Americans get fully vaccinated.