Real Estate: Seller’s Market Sparked by Corona-Infused Dynamics
Sales Closing Above Asking Prices.
As a result of the COVID-19 pandemic, real estate industry observers are seeing a seller’s market pervade the space. According to Zillow economist Jeff Tucker, “This spring we saw listings fall off the cliff. Everyone was hunkering down wondering what’s happening to the housing market…These buyers motivated by low mortgage rates are expecting to find a really good deal but there are fewer homes on the market.” Clearly, demand is overwhelming the current supply as people attempt to take advantage of low interest rates. As a result, home prices are skyrocketed, prompting unique opportunities to sell at higher prices.R
Real estate agents and their clients, both buyers and sellers, are seeing offers over asking price significantly more often than usual. While the pandemic is changing the real estate landscape in a broad range of ways, sellers appear to have a window of time during which their advantage will continue.
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