Has the pandemic caused a real estate panic?
The pandemic has caused a real estate panic. The urban unrest hasn’t helped. Buyers are fleeing urban settings for the suburban life and beyond to rural areas. Some leave Washington State altogether. What they want are larger homes or second homes. This scenario plays out across the country.
“Anything right outside of Boston is going like wildfire, but especially the single-family homes. I’ve never seen bidding wars – I mean, you know, randomly here or there – but I’ve never seen bidding wars with consistency in the fall like I have this fall.”
“Consumers working from home or schooling from home want more square footage since the home is more than just a home now, it’s a daycare, an office, a gym and a school. Pool permits in Frisco, a Dallas suburb, have gone up 400%.”
“People have been working this whole time at home, and they’re looking for bigger homes with maybe a little more land. So, they’re moving away from the downtown area. The suburbs are really getting busy. Some homes are bought sight-unseen.”
The complete quotes, cited above and edited only for brevity, can be found in this article from HousingWire.[Read more…] about Is there really a real estate panic?