Home Sales During the Pandemic
You’ve probably heard by now, home price are and have been on the rise. Since mid summer, they’ve been heating up even more. The pandemic is the main reason. When the pandemic hit, we did not know what to expect. The market slowed initially after the stay-at-home orders, but shortly after, things heated up… a lot.
For the past few years, the number of homes for sale has been shrinking. According to the Atlanda Journal, “The lack of supply started with the collapse of the housing bubble, a decade ago, when builders stopped building. Even as the market slowly recovered, construction never kept up with the growth in demand. “
With the lack of supply also came super low interest rates, which added fuel to the fire for potential buyers. Homes that are less expensive have seen more of a boom than the high end homes. We’ve noticed that most homes under $200,000 in the Evans, Martinez or Grovetown areas are getting offers fast. The average days on the market in our area in December was 140 with the average sold price of $234,950.
Another factor, many people are working from home. This means they can live anywhere and don’t necessarily have to worry about being close to an office. Not to mention, a lot people may be looking for extra space so kids have room for home schooling and spouses can both work at home with enough space.
On the sales side factoring into the low demand are things like, sellers not wanting to list as they don’t want people in their home. As the pandemic winds down, this could change.
Interest rates are expected to stay low for a while, so if you’re thinking of a move, it’s a good time.