COVID Pandemic Triggers Real Estate Boom
As millions of Americans started working from home at the beginning of the COVID-19 pandemic, many realized their home wasn't working for them. NBC's Dan Scheneman reports.
(NBC News) — As millions of Americans started working from home at the beginning of the COVID-19 pandemic, many realized their home wasn’t working for them.
Living rooms and kitchens doubling as make-shift offices and classrooms pushed families to look for something more functional.
“We are going to have a migration of people out of the city who are going to appreciate wanting more space – this is a big learning lesson for people,” real estate broker Jena Radnay says.
Add in historically low-interest rates and you have the perfect storm for a pandemic housing boom.
“That’s why you’re seeing a sudden move to more suburban environment where, quite frankly, you get more space for less dollars,” says Cove CEO Adam Segal.
Still, you have to move fast if you’re considering a new home.
Inventory across the country is tight, with new listings often triggering bidding wars hours after hitting the market.
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