Think back. Way, way, back to March... Every hour, there were new updates and lots of predictions about how the economy would be effected. Back then, there was some concern that the real estate market would crash. The uncertainty made it difficult to even imagine what would happen in the coming months if you were looking to buy or sell a home. Fast forward to now. No, there hasn’t been a 2008-level crash. In fact, the real estate market is still going strong in many markets. Yet, there are some very big (and surprising) trends going on. Here are the top six: ## ONE | Inventory is still very low The pandemic basically cut off the spring market before it could really get underway. Few wanted to open their homes to prospective buyers — though the rise of [virtual tours](https://www.moments.realestate/blog/virtual-showings) made it possible to continue showing homes virtually. Still, with the uncertainty of the job market, ever-changing hot spots, and the difficulty of doing all the normal stuff to prep for a sale (decluttering, staging), only the most motivated sellers listed. ## TWO | Interest rates remain low One of the first big headlines of the pandemic, when it came to real estate, was when interest rates were slashed big time. Of course, many took advantage by refinancing their home. As months passed, though, the continued low-interest rates motivated prospective buyers to enter the market and enjoy the savings. ## THREE | There’s a lot of competition if you’re a buyer It’s not just locals in your market. The shift to remote work means that many people can move to an area they love, not one that is convenient for a commute. Often, these are high wage earners who can afford to submit an offer above asking price — especially if they sold their home at the right time or in a pricey market. ## FOUR | Homes are selling very, very quickly When there are fewer listings and plenty of buyers, your dream home may be a blink-and-you’ll-miss-it opportunity. For buyers, this means that you should be preapproved (not just prequalified) in order to get your offer considered. For sellers, you may have a little more leeway on things like condition and contingencies. ## FIVE | Prices have climbed All of the above factors have pushed prices higher in most areas. In fact, 96% of cities saw home prices rise between April and June. Markets that didn’t see the same growth were generally ones that had completely shut down during that time (like New York City). ## SIX | Folks are leaving big cities While most cities are experiencing the same issues of low inventory as sellers hesitate to put their homes on the market, there’s one huge exception: big cities. Part of the reason is due to the big tech companies ordering employees to work remotely during the pandemic (and perhaps indefinitely). The other contributing factor is that prices tend to be extremely high — so if you don’t have to pay the premium to live close to your workplace, why not live somewhere else? In addition, there's a very high population density, which some are looking to avoid. #### Let's Talk About Your Reality [Click Here](https://www.moments.realestate/schedule) #### What Buyers Are Looking For Right Now [Read the Blog](https://www.moments.realestate/blog/features) ### Let's Keep in Touch ##### Subscribe to get updated on the most recent information from Moments Real Estate Subscribe Thank you! I agree to be contacted by Moments Real Estate via call, email, and text. To opt-out, you can reply ‘STOP’ at any time or click the unsubscribe link in the emails. Message and data rates may apply. Message frequency varies. For more information, see our [Privacy Policy and Terms of Use](https://www.moments.realestate/privacy-policy). We respect your inbox. We only send interesting and relevant emails. We use cookies to enhance your browsing experience and deliver our services. By continuing to visit this site, you agree to our use of cookies. [More info](https://www.moments.realestate/privacy-policy) OK Facebook logout
