Howard W. “Hoddy” Hanna, III, Chairman of Howard Hanna Real Estate Services, recently spoke with Rick Dayton during the KDKA Radio Afternoon News show about real estate sales in 2020 and 2021.
During the interview, Hoddy reflected on how the real estate market has been strong and active since June, following slowdowns for safety during the first part of the year. Bidding battles and multiple offers have become the norm in real estate since the summer.
Hoddy also explained why the demand for houses is so great and why bidding battles and multiple offers are such a common experience this year:
“One, you had people who were in the marketplace prior to the pandemic. Then you saw during the pandemic, you just saw people that were cooped up in the same apartments, that were never going to buy a house, but they found that space to get very, very small. So people started to come out of the woodwork that were apartment dwellers to buy houses.
“Then you saw a lot of families…all of a sudden, their houses got very small. People were working from home, plus children were at school. The demand for larger homes has come back into effect, as well as more land and more outside space.
“Couple all of that with 3 percent interest rates…it’s just perfect timing of pent up demand, low interest rates, and last but not least, a shortage of listings and new construction.”
During the discussion, Hoddy also reviewed how he expects work-from-home policies to influence housing needs, and what he expects to see long-term.
To listen to this full interview online, click here.