Whether you’re an empty-nester looking to sell or a millennial considering a first home, the question on many minds is: Is it time to sell/buy?
For sellers, in spite of a plummeting US economy ( expectation of a 40% annualized rate during the current quarter), the median home price rose 8% year-over-year to $280,600 in March.
Why? It seems the already shrinking housing supply will be exacerbated by a pandemic pause in new home construction.
Buyers don’t get all Eeyore over this news. Construction has been one of the first sectors to resume as economies reopen. Even in hard-hit New York City, nearly 5,000 construction projects have been allowed to continue during the lockdown. In fact, some high-profile developments are already offering hefty coronavirus discounts. Happy home hunting!