Gardi, Haught, Fischer & Bhosale LTD.

Covid-19 Impact on Real Estate Market

By Gardi, Haught, Fischer & Bhosale LTD
January 3, 2021
Covid 19 impact on real estate market

Despite the huge impact that COVID-19 has had on the economy and the health of many individuals, the housing market has remained strong and has, in some ways, surpassed the pre-pandemic market.

However, due to COVID-19 restrictions and concerns, consumers have been forced to change the way they sell and purchase homes during these unprecedented times.

Initially, COVID-19 led to a decline of sales in the spring, which was most likely caused by so many unknowns about the virus. However, as time progressed and more people ventured outside of their homes, sales increased during the summer.

The dramatic increase in housing sales during the summer can mostly be attributed to the existence of extremely low interest rates. Buyers who chose to take advantage of these lower interest rates will save thousands of dollars in interest over the course of their loans.

But as interest rates decreased and sales increased, the cost of homes increased as a result of high demand and an increased number of buyers.

Furthermore, COVID-19 also has changed the way that real estate closings are completed, compared to pre-pandemic times.

Due to the restrictions in place, most title companies require that only buyers who need to sign loan documents and their attorneys are allowed to attend closings. Before the pandemic, in most instances, the sellers’ attorney, the realtors and sometimes mortgage brokers would attend the closing. In a lot of cases, the buyers’ attorney now will not attend the closing and will, instead, explain the loan documents either over the phone or via video call. Despite this current trend, our firm has continued to attend closings in person in order to provide the best legal services as possible to our clients. 

While the pandemic continues, a ray of hope has been revealed with the availability of two new COVID-19 vaccines that are starting to be administered and will likely continue through 2021. This development could be beneficial to the housing market as well as more buyers likely will venture out, return to work, and build the necessary savings to put toward a new home. In addition, interest rates are expected to remain low for some time, which also will attract buyers.

For the foreseeable future, it does not appear that interest rates will increase until the pandemic has become fully under control and industries begin to return to normal.

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Client Testimonials

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I just wanted to share that I had an excellent experience with Gardi, Haught, Fischer, & Bhosale and more specifically Thomas Haught. Everything went great and I am even more convinced that one does not need a real estate agent to buy a house when you have a good lawyer!
Our team partnered with Gardi, Haught, Fischer, & Bhosale LTD. on a recent transaction, and we appreciated their dedication and professional approach to closing the deal. We’re looking forward to more successful collaborations ahead
We just had great experience with Tom Haught and his paralegal Courtney Kropf. The communication is clear and fast. All emails were replied within 30 minutes. We will definitely work with Tom Haught again.
Was recommended to them from my company. They did an excellent job and always answered all my questions. Were always upfront with all things and made sure I understood everything that was explained to me.
We used the law firm during the sale of our house. We dealt with Mr Haught and Courtney, who made the process very smooth. They were professional, yet very friendly to deal with.I would not hesitate to recommend them to my family and friends.
Our immigration experience with Ann Fischer has been amazing! She has been meticulous, organized and worked on our case in a timely manner. Ann and her team went above and beyond to address all of our concerns and provide a personalized support which made a significant difference during our stressful time.I highly recommend her services to anyone seeking legal representation for their immigration matters.
We have used Tom Haught for two home purchases and one sale over the years and continue to be impressed by his professionalism, responsiveness, and thoroughness. Reasonable pricing too. Highly, highly recommended.
Gardi, Haught is one of professional firm, I have been with G&H since last 8 years in all legal matters.RegardsWaseem Chaudhry
Tom and his dedicated crew recently helped me close on a commercial property, and I must say they did an exceptional job! Throughout the entire process, they were incredibly responsive, attentive to detail, and a pleasure to work with. Their professionalism and expertise made the transaction smooth and efficient. I am thoroughly impressed with their performance and definitely plan to work with them again in the near future. I highly recommend Tom and his team for anyone in need of real estate services!
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