How Covid Affected
American Housing and Real Estate
Covid-19 has taken over the world changed the way we live our daily lives. Across the country, housing prices are skyrocketing. With fewer homes available in the market today, the demand for homes is increasing, and with that- housing prices.
Record low mortgage rates
A 4 bedroom, 2 bedroom home in New Berlin, WI has increased in value by 35.4% from 2019 to 2021- originally valued at $236,072 price has increased to an incredible $284,900 in less than two years. With mortgage rates dropping to a record low, the cost of borrowing money is becoming more accessible and attractive. This means potential homeowners can save massively when purchasing a home. With these low mortgage rates people are choosing the refinance their homes at lower rate, instead of trying to purchase a new home in a very competitive market.
Shortage of homes for sale to meet the rising demand
Even before covid struck, there was a shortage of homes to meet the demand. Covid-19 has made it even much worse. With Covid many people are reluctant to move during a global pandemic. Those who were planning to move have postponed their move. Many are afraid to show their homes and have people come into their house.
Change in demand for homes: quieter, more secluded, home offices, newer kitchens, outdoor space
Real estate markets have shifted noticeably since pre-Covid. During lockdowns many homeowners have realized their houses were not optimal for working from home, teaching, studying, exercising or living full-time at home. Many people have been looking for homes that offer better home offices and kitchens in more quiet or secluded locations. Many homeowners have also been seeking their own accessible outdoor space, whether that be a better lawn, patio or backyard.
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