CHRISTIANSBURG, Va. (WDBJ) – The COVID-19 pandemic affected every industry, including real estate. Many sellers took their homes off the market because people were in lockdown and no one wanted strangers in their homes.
Samantha Livesay, a Montgomery County realtor, also said there weren’t as many homes for sale, as many people changed their minds about selling.
“So what that did was cause the supply to go down,” she explained.
But then there were also more families working from home and realizing they needed more space or could change locations.
“So the demand escalated,” she said.
The increased demand plus the low supply has created a classic sellers’ market, where people selling their homes are almost guaranteed to get at or above asking price.
“The folks that were looking for a home to purchase are finding themselves in these bidding wars, which is causing home prices to escalate,” Livesay said.
And most homes are…