A hint: It depends what you plan to do with the home
The coronavirus pandemic sent shock waves throughout the real-estate industry. But does that make now a good time to put in an offer on a property?
When the coronavirus pandemic began to trigger stay-at-home orders across the country, it upended the home-buying process. That meant there were roughly 189,000 fewer homes on the market last month than during the same period in 2019. At the same time, new-home construction slowed in April as many builders became concerned about the state of the housing industry amid the pandemic.
Before the coronavirus crisis began, economists had warned that the U.S. housing market was starved for supply. Years of slow home-building activity in the wake of the financial crisis has meant that the number of homes for sale was falling well short of demand. “ Another factor making it harder for people to score a deal on an investment property: The lack of foreclosures. ”
Many of these people relied on the income generated from these short-term rentals to pay for their mortgage. “I don’t think many of those folks have the reserves that Marriott or that Hilton does,” Glenn Kelman, Chief Executive of Redfin RDFN, -0.10% told MarketWatch. “Investors who own Airbnb properties are looking for immediate liquidity.”
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