Source: Winona Daily News —
Bidding wars. Over-asking offers. Cash buyers. Eager investors. Inventory shortages. If there’s one part of the economy that has been completely upended by the pandemic, it’s the housing market.
Cities like San Francisco and New York have always been well out of reach for the average homebuyer. As tech and business hubs, these cities are a big draw for high earners attracted to the employment opportunities and unique lifestyles these places can offer. In turn, housing inventory has always been limited in these cities, pushing the prices to a premium. Even before the COVID-19 pandemic, it wasn’t unusual for home prices in the more desirable parts of New York City to start at the million- or multimillion-dollar mark, making them well out of reach for most people.