Initially, I was shocked by the number of “our location is hot” and “it’s a seller’s market” comments. How could that be in a pandemic with so many unemployed or struggling?
Then I remembered that I was an economics major all those years ago, and that price is a function of supply and demand. Demand may not have changed much, or may have even dropped since many do t want to move during a pandemic. But supply has also dropped for the same reason. I moved because I had to relocate for a job, but I think many people are putting off selling until we are in more stable times.
Anyway, selfishly, I’m hoping that the market in the areas I’m interested in drop off a cliff in 2022 when I’m ready to buy! I think they may, as we see people potentially have to sell their second home/vacation home, or possibly face foreclosure on a primary residence. I don’t want people to lose their primary homes, but I do t see how it can be avoided if the economy doesn’t go back to pre-COVID levels.