Implications of COVID-19 Vaccine on the Housing Market

As President Biden continues tencourage and make vaccines more accessible to the population, this will surely shift the current state of the housing market. The White House released a statement earlier this year ensuring that the vaccines will be available to all Americans by May of 2021. Certain groups of the population more vulnerable to the virus, such as healthcare workers, first responders, the older population, and those who are immunocompromised, were first to receive the vaccines and should have their doses available now. On March 10, 2021, President Biden purchased an additional 100 million doses that are currently being distributed nationwide. 

As more people get their doses, more people will be willing to sell their homes compared to the market in 2020 and earlier this year. There is a current deficit in the number of homes available in the market; therefore, selling your house right now would be extremely profitable and beneficial as opposed to waiting until later when there will surely be more competition. The vaccine will help those, especially the older population, feel more comfortable selling their house. Within a couple of months, we will be able to see an increase in supply while the price will slowly start to stabilize for buyers. As more businesses will begin to lift restrictions, not only for real estate but the general market will begin to recoveralthough it might not reach the state it was pre-pandemic just yetFinancial uncertainties that caused many people from entering the real estate market back in 2020 will slowly dissipate.  

The vaccines can truly benefit the real estate market and catalyze its balance which will help sellers put their homes on the market so buyers will have a higher supply to choose from. Our team at Love Orlando Real Estate is happy to assist you whether you are looking to sell your house or buy your new home during this unprecedented time