Despite the COVID-19 pandemic, the U.S. housing market is unaffected. In fact, the housing market is currently on the rise. According to a Reuters poll analysis, COVID-19 will not succeed in causing market activity to come down from the current upward trend. Part of this upward motion was because of the record low interest rates and the increased demand of buyers looking to move from the big cities to the suburbs.
As reported online in the article, U.S. housing market immune to COVID-19 pandemic: Reuters poll, Hari Kishan and Indradip Ghosh write, "Despite the U.S. economy on average contracting last year at its sharpest pace since the Second World War, it had little bearing on housing market activity, an immunity the sector was expected to carry this year. The Jan. 12-Feb. 1 poll of nearly 40 housing analysts forecast the U.S. Case-Shiller house price index to rise 5.7% this year and 4.6% in 2022, the highest since polling began for both periods."
It was reported the desire for most people to buy and sell is to gain more space. Especially with the insurgence of the COVID-19 pandemic, many people prefer to take on more home projects.
Unfortunately the supply doesn't meet the demands of potential home buyers. Once a home goes on the market, it doesn't stay for long. Our expert realtors at Oceans Luxury Realty, can assist you with finding the right home for your needs. Now is definitely the time to make the move since interest rates will not stay this low. COVID-19 has brought many challenges. Despite the hardships the pandemic has caused, it has also created opportunities for many people to take advantage in the current housing market that they may not have normally been able to or benefit from.