Redfin, the Seattle-based real estate brokerage firms, CEO Glenn Kelman says he is convinced that the housing market will stay tight into 2021. Kelman notes that while this is good for sellers, it is not such great news for buyers. The reason for the high demand? Mortgage rates are extremely competitive right now. But that is not all. Also driving up demand is the number of people who are fleeing cities in the wake of the coronavirus pandemic and heading to the suburbs to enjoy more square footage. The coronavirus pandemic has also contributed to a somewhat unstable economy. Many potential sellers are concerned that a prospective buyer could possibly bring the virus into their home and as a result, many sellers are choosing to hold their property off the market until the pandemic is brought under control.
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Redfin CEO Thinks Housing Demand Will Last Into 2021