The COVID-19 Pandemic has had a strange effect on the real estate market. We are seeing a huge demand for properties with “space.” This means that single family homes with backyards are all the rage right now. More and more buyers are moving out of the urban core and into the suburbs causing a big demand spike in houses. On the flip side of that, owners of single family homes are staying put in their safe, COVID-free havens creating a major supply constraint on the market. This is causing home prices to skyrocket. Buyers are competing for the small amount of inventory that is out there, and houses are flying off the shelves within days at above asking price.
As a result, condos and apartments are experiencing a bit of a lull. Living in a tall, high rise building is no longer cool and condo inventory is struggling to move right now. This may present some buying opportunities for investors and homebuyers in the near future, as the pandemic fazes out of our lives.
For now, we are in a bit of a sellers market (if you are selling houses). It is a great time to sell a house if you’re looking to sell quickly and for top dollar. Provided that you have a place to move after selling, now would be the perfect time to list your home.
If you’ve been thinking about selling your house and would like to find out what your options are, give us a call at (786) 758-3100 and we can provide you with a free comparative market analysis to give you a better idea of what your house is worth.