Housing boom impacted by those now working from home

LANSING, Mich. (WILX) - When millions of Americans started working from home during the pandemic, they realized their home was not working for them.

With historically low-interest rates, you have the perfect storm for a pandemic housing boom.

Maximizing options along with the lowest rates, mortgage lenders like LoanSnap saved its customers nearly $35 million last year alone.

“We are going to have a migration of people out of the city who are going to appreciate wanting more space,” said real estate broker Jena Radnay.

“There’s suddenly a realization of all you know, what is the utility in a home and what can I get out of it,” said Adam Segal, CEO of cove, a technology firm that helps companies organize shared desk and conference spaces. “That’s why you’re seeing a sudden move to more suburban environment where, quite frankly, you get more space for less dollars.”

You will have to move fast if you are considering a new home right now. Inventory across the country is tight as new listings often trigger bidding wars hours after hitting the market.