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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I worked with Ann Fischer, not once but twice for my family's immigration visa needs. Both the experiences were immaculate. For those who may want services, I would encourage you if you are in need of the best in class, hasslefree and quality services.I could not have asked for anything better.Thank You Ann Fischer (Gardi, Haught, Fischer, & Bhosale LTD). You were fantastic on both the immigrant visa applications (2021-2023) & (2023-2025).When I started the search, I narrowed down between three immigration attorneys and I am glad I crossed path with the best in their domain.Below is how my experience was in each bracketQuality of Service * * * * * (5/5)Responsiveness * * * * * (5/5)Approachable * * * * * (5/5)Explanation * * * * * (5/5)Timeliness * * * * * (5/5)Consultative * * * * * (5/5)Peace of Mind * * * * * (5/5)I will definitely recommend anyone, looking for their immigration needs.
Gardi, Haught, Fischer & Bhosale represented us in a recent R/E closing. Everything went very smoothly between the back office & the other parties. We were informed & the whole process was made simple. I would recommend this firm for all your R/E transactions. 10 out of 10.
Took the time to answer my questions
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.
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.
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