With all the other dire impacts of this horrible pandemic, it is challenging to consider the post-pandemic impacts on the housing market as a whole. The mindset and combination of fears, concerns, needs, priorities, perceptions, combined with stress related to the virus itself, caused many people to reconsider their real estate needs and wants, now (currently), and into the future. In my 15+ years as a licensed real estate salesperson in New York State, I have observed and witnessed a variety of market types, but those were efficiently created by economic considerations, factors, perceptions, etc, while. this one is much more complicated and, in many cases, personal. Probably, it will not affect housing, equally, in all regions, price ranges, etc. With that in mind, this article will briefly attempt to consider, examine, review, and discuss 5 factors, created by this health crisis, that may have the greatest impact.

1. Geographic Priorities: The first thing, many noticed, was an influx of people, relocating, from the cities, out to the more densely populated areas. For example, in New York City, rental prices are the lowest in more than a decade and there is the highest occupancy rate in a long time. This has created a Vendors Market in the suburbs because many are trying to buy at the same time. It has been a factor in rising prices, increased demand, and changes in population.

two. Home – style changes: Buyers are looking for changes in the style and features of the homes they are looking for. Many are looking for larger properties, so that families can accommodate, if necessary, in the future, and more rooms, to dedicate the trend towards home/office considerations that we have experienced and many believe we will continue to see.

3. Record low mortgage interest rates: We have experienced a long period of historically low mortgage interest rates. When rates are low, we often see prices go up because the lower the costs to borrow, the more house dollars can pay for each month. This creates higher home prices, at least for those homes that serve what people perceive as their present and future needs and priorities.

Four. Fears / preparations / adaptable to contingencies: Due to the combination of fears and a desire to fit, to the contingencies that may occur in the future, we must prepare ourselves for a changing real estate market, in evolution.

5. Will this become a longer-term trend or, limited to the period of the pandemic: How long could these changes continue, prices continue to rise and more people leave the cities for the suburbs? Historically, real estate markets have been cyclical and price sensitive. Will rising prices eventually reach a resistance level? Will we be better prepared for future crises?

We are witnessing a changing, active real estate market, which has been a prolonged Sellers Market. How long will this continue and what could the future bring?