Reference:CGTN | Updated:26 June 2021
In the beginning of the COVID-19 pandemic, the American housing and real estate market took a major hit, slowing down for months due to restrictions and a recession.
“The shutdown not only impacted the real estate market, not just because people were moving, but the cost and expense and development of the homes and apartment buildings had also gone up,” Pej Barlavi, Owner and CEO of Barlavi Realty in New York City said.
Now, data shows some recent improvements in the market over the last five months.
“It wasn’t until February of this year that you started to see the return of materials, goods, permits,” Barlavi said.
However, individual homeowners and buyers are still facing some difficulty with the market, losing out to wealthier buyers from cities like New York or Los Angeles purchasing homes in states ranging from Florida to Tennessee - in cash.
Barlavi explains how the post-pandemic housing market looks now and what the market could look like in the future.