The Pandemic and the Real Estate Market

“Stay home.”

But where is home? Seemingly, many Indianans are looking for a house. Even with COVID-19, the Indiana housing market hasn’t slowed. Sellers enjoy a steady stream of potential buyers and buyers benefit from the historically low interest rates. There is one catch: the right home at the right price is like finding a unicorn.

Homebuyers are experiencing a market with low housing inventory with higher price tags. This problem began before the novel coronavirus changed life as we know it. And it’s not just Northwest Indiana. According to Realtor.com, the number of houses for sale were still limited, as of July, across the nation. This trend won’t likely change anytime soon. Since the supply is down, the competition for a great home is fierce. Of course, this causes the prices of homes to climb.

Bidding wars are also more common nowadays. An offer may turn into a bidding war when there is more than one offer on the table, pushing the up the price tag. Some buyers choose to offer a bit more than the listing price for an extra cushion.

Obviously, sellers hold all the cards.

So why is it hard to find a house in the middle of a pandemic? There are many factors at play and one can only speculate. For example, some families might leave the city for a less populated area, a work-at-home parent may need a bigger office space, or an individual might need to move for a new job opportunity. Plus, with all of these changes, people might have different needs in a house and community. On the flip side, many would-be sellers aren’t putting that “For Sale” sign up because there aren’t many houses on the market to choose from, thus, advancing the low inventory.

Whatever the case may be, the real estate market was changing before the pandemic. This could be because of interest rates, elections, and the economy. Again, one can only speculate. There likely isn’t one specific reason that the housing inventory is low.

Now more than ever, choosing the right real estate agent is imperative. You need a skilled, experienced, expert that can guide you through the ever-changing real estate market. If you are seeking a home in Northwest Indiana, the team at Matt Evans RE/MAX Lifestyles can help you through the process. This dynamic team of hardworking individuals knows Northwest Indiana’s market and can help you find the right property. Even with challenges, the Matt Evans team goes above and beyond to help you find the right house at the right price. Call today at: 219-241-8401 to learn more.