5 Ways COVID-19 Is Affecting the Current Real Estate Market
Every part of the economy has been affected by the ongoing COVID-19 pandemic. The real estate market is no exception. Here are five ways that the pandemic has affected all participants in real estate, including real estate agents, buyers and sellers.
1. Hesitancy of Sellers
Sellers have been hesitant to put their homes on the market. This has led to a sharp drop in existing home inventory. The low supply has created a new challenge in the real estate market. At the same time, construction of new housing units dropped, which contributed to the low inventory problem. The United States overall has about a 30-day supply of homes for sale. A 90-day supply is considered optimal.
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