How the housing market changed in 2021


The housing market was anything but normal in 2021. Prior to the buying frenzy that occurred over the last year, homes typically sat on the market for a little over two months at a time. And in terms of cost, it was common for the lucky sellers with homes in desirable markets like California’s Bay Area to get at or close to the asking price. Sellers in less competitive markets, on the other hand, generally had to be more flexible on the sales price for their homes.

That all changed when the COVID-19 pandemic hit and mortgage rates sunk to new lows. A rapid uptick in demand for homes took hold, and buying a home quickly became a competitive sport. The buyers who wanted to increase their chances of getting their offer accepted by sellers were forced to pull out all the stops—whether it was offering short closing periods, waiving inspections, or shelling out tens, or even hundreds of thousands, of dollars over asking price.

This phenomenon wasn’t limited to the housing markets in major metro areas, either. The secondary and suburban markets that were once considered less desirable than areas like New York City or Los Angeles became equally competitive for buyers. And by the time the final months of 2021 had rolled around, the housing market across the nation had gone through dramatic, widespread changes.

But how exactly did the housing market change over the last year? And how have these changes affected the millions of buyers, sellers, renters, and investors across the country? Real estate platform ZeroDown compiled a list of 10 ways the housing market changed in 2021 using information from housing articles, real estate market reports, and real estate experts.

Here’s what you should know about the changes that occurred to the housing market in 2021.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest LifeStyle News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment