The pandemic along with low interest rates has spurred on changes in the behavior of both home buyers and sellers in the Philadelphia area as well as at the national level, writes Michaelle Bond for The Philadelphia Inquirer.

According to a recently released National Association of Realtors report, those who opted to buy a home after the start of the pandemic purchased higher priced homes, more often opting to buy in the suburbs. They also plan to spend fewer years in their new homes.

Those who were selling their homes at the start of the pandemic also felt more urgency to sell because they required more living space.

Not surprisingly – due to the economic downturn caused by the pandemic – anyone who bought homes after March generally had higher incomes than those who bought homes prior to the outbreak.

This was also influenced by the low inventory and high demand, which caused bidding wars on the majority of available properties.

“The buyers that don’t have the money to give more than the house’s value, they’re outbid,” said Annette Collier, broker of record at Able Real Estate.

Read more about the housing market at The Philadelphia Inquirer by clicking here.

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