There is a mad dash to purchase homes across America. Record-low mortgage rates, and the realization that our homes are going to be the only place we work and play for the foreseeable future.
This trend started before the pandemic, but received a strong push when school was cancelled in many areas. There was added incentive as companies allowed workers to work from home.
Bidding wars, buying properties sight unseen. This approach to home buying is part of a new understanding that our lives and lifestyles have been permanently changed by coronavirus. Many of us need more space indoors and out for the long term.
Buyers seem to be craving larger backyards, open spaces, home offices sometimes for two adults, a homeschooling area, space for pets, and a home gym to name a few.
Some people are moving because they find that — now that they spend most of their time in the same place with the same people — they are dissatisfied with their current housing.
Inventory of available homes for sale — which was low even before the pandemic — has grown even scarcer.
For the foreseeable future, it appears sellers will have the upper hand. We shall see what the coming year has in store. Many are predicting a change on the horizon.
R. Jones
