Vaccines will not be the cure-all for the housing market’s problems, nor will it bring down the thriving market, says Realtor.com. With a bumpy rollout, new virus strains, and concerns from the public, the vaccine will not revert the world to pre-pandemic times anytime soon. But the vaccine could help the number of listings out there as sellers become more comfortable with the idea of moving themselves and allowing visitors into their home. Chief economist for real estate consultancy Zonda says some sellers are fine listing during the first half of 2021, but others will remain patient until late 2021, or even spring selling season in 2022.
Many sellers held off on listing their homes during the pandemic, particularly more vulnerable baby boomers. They didn't want to risk getting sick through an open house or having someone infected touring their home. Once they're vaccinated, they're more likely to go ahead with their moves.
"As the risk of serious illness declines because more people are vaccinated, we expect to see more sellers,” says Hale.
There's also expected to be more new homes going up this year, similar to how builders ramped up construction in 2020 despite the pandemic.
Builders could erect a million single-family homes and townhouses next year, predicts Robert Dietz, chief economist of the National Association of Home Builders. That could help to ease the crunch,
"The growth in single-family homebuilding will continue," Dietz says.