Since the pandemic broke out, the American housing market has experienced a massive surge in the demand for houses. At that time, mortgage rates were grounded which also increased the competition for buyers.
The demand increased as a result of pandemic restrictions that made the children attend their school and people work for their office virtually. When everything went virtual, people started requiring more space hence looked for bigger places.
Older millennials who lived along with their children in major areas of big cities started looking for houses in less expensive neighborhoods. As the National Association of Realtors (NAR) reported, people put their homes for sale because of space issues.
As soon as a house goes up in the market listings, a huge queue of buyers builds up, which resulted in increasing the price of a house way more than its original listed price. Because of the urgency of finding homes, the housing market ran out of homes.
On the other hand, the builders encountered outage of construction supplies that enhanced the overall building cost and reduced the building time. In such a scenario, the agents and realtors had to come up with something creative to fulfill the needs of buyers.
The infographic below shows the methods used by the real estate agents to find available homes in the preferred vicinity of their clients.
Infographic by: Peoplefinders.com