How will the COVID-19 vaccine affect the housing market in 2021?

According to Zillow reports, 70% of homeowners are comfortable with moving now that the vaccine is being distributed. To put this in perspective, that 70% makes up 14 million homes. This is an 18% increase from the homeowners who reported they were already comfortable with moving without a vaccine available. Four out of five homeowners reported that the availability of the COVID-19 vaccine will make them more likely to move.

Due to the pandemic, a large portion of homeowners experienced anxiety about moving. Now that homeowners are comfortable enough to sell, the scarce inventory reported in last week’s blog is now projected to be aided by a potential surge. Looking more closely at the demographics, specifically the generation differences: 26% of millennials and Generation Z homeowners (ages 24-40) reported that the vaccine rollout will have an impact on their buying/selling patterns, whereas only 15% of Generation X (ages 41-56) and 10% of baby boomers/Silent Generation (ages 57-80) said they would be affected the same. Even though the later generations were not as moved by the vaccine rollout, they did report their confidence in their ability to sell for maximized profits.

Overall, look out for an increase in inventory in early spring of this year. Buyers will have more leverage in the current competitive market soon, and sellers should have no problem getting properties out of their hands.

Trevon Martin // CIRB Journalism Intern