How the Pandemic is Affecting the Real Estate Market

In real estate, sometimes it’s a buyer’s market (where the buyer gets quite a good deal on a property) and sometimes it’s a seller’s market (where the seller makes quite a profit).

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Recently, it’s definitely been a seller’s market in most places. That’s because inventory is low and demand is high. So those who choose to sell property stand to make more profit than they thought they would, as “bidding wars” occur and people fight to “win” particular properties!

Before the coronavirus pandemic hit, people wanted to buy houses… and more recently they really, really wanted to buy houses. But there just aren’t enough new listings to satisfy demand. The coronavirus pandemic caused a historic drop in the supply of homes for sale that was already pretty meager.

Today, home buyers are seeking “more space” as they realize they need a new, different house to help serve as their office and school– the “new norm.” Sellers, on the other hand, might not want people touring through their homes or might not want to sell just yet because they’re concerned about the economy.

Meanwhile, mortgage rates are at record lows. Buyers want to buy but not enough sellers want to sell– or there just isn’t much available to sell.

How Real Estate Auction Services Can Help

Now is a great time to sell your property using Wilson Auction & Realty, serving Ohio, Indiana, Michigan and beyond! People are in the mood to bid higher and higher these days in order to get what they want– so an auction is a smart way to maximize how much money you make from the sale of your property during these times. Why not have a professional company like Wilson handle the marketing and sale of your house/property? Please call 866-870-5500 and talk to Wilson Auction & Realty about the property you want to sell.