Kelly Hanna Riley, Vice President and Regional Manager with Howard Hanna, recently spoke with Pittsburgh Quarterly Magazine and discussed how COVID-19 has impacted the 2020 housing market.
Even when the state of Pennsylvania was in complete lockdown due to the pandemic, real estate agents saw a high demand for homes and a number of sales completed where buyers did not ever see their new home prior to purchase.
Now, as full lockdowns end in southwestern Pennsylvania, the already pent-up demand for houses has increased while local housing inventory remains low.
Real estate agents are now seeing greater demand for more outdoor space and indoor offices, as well as an increased number of renters looking to move into houses. The result of this rise in demand is a seller’s market, which is being further driven by low mortgage rates.
“We’re anticipating a summer of people coming out of their houses and really wanting to create a home that makes more sense for them—for their kids to learn at home or having two people work from home,” said Kelly Hanna Riley, vice president of residential sale at Howard Hanna Real Estate Services. “Before the pandemic, no one thought about those things.
To read the full article, which includes insights from a professor of economics at the University of Pittsburgh, click here.