Dear Readers,

The COVID-19 coronavirus brought more uncertainty, confusion and fear to one’s
personal and professional life than most people thought possible.

As we have said from the start of this national pandemic, appraisers felt the full
effects of this crisis, and then some. Not only from the standpoint of how they can
do their jobs with restrictions in place, but the thought of “if” they could do their
jobs again with income losses escalating to a point where homeowners may not be
able to afford their current houses, or even new dwellings in the days to come.

But with the arrival of COVID vaccines that has seen millions of people lining
up to receive what is truly a “shot in the arm,” will homeownership fears begin to
subside, and the number of home purchases be on the rise?

Valuation Review shared a recent analysis from Zillow that suggested the
COVID-19 vaccine is likely to add more buyers and sellers to an already hot
real estate market. Additionally, the survey found a large majority (70 percent)
of homeowners saying they would be comfortable moving to a new home after a
widespread COVID-19 vaccine distribution, which was a significant hike from the
52 percent who currently feel that way.

Zillow said that amounts to homeowners in more than 14 million homes feeling
comfortable moving after widespread vaccination. Among homeowners who said
the vaccine would impact their decision to sell, nearly four-in-five (78 percent) said
they expect it will make them more likely to move, the survey said.

Additionally, 25 percent of homeowners reported their life or financial situation was
too uncertain in January, compared to 29 percent who said the same in November.
“We expect that the vaccine rollout will likely boost inventory, as sellers become
increasingly willing to move despite COVID-19 — resulting in greater numbers of
new listings beginning this spring,” Chris Glynn, principal economist at Zillow,
said. “That injection of inventory could give buyers more options and breathing
room in a competitive market. The vaccine, however, will also likely add to
already-strong demand, given that most sellers will become buyers as they trade in
for a home that better suits their new needs.”

Be sure to read the full story at www.valuationreview.com, where there is
seemingly a rise in homeownership confidence that will be music to an appraiser’s
ears. Keep me informed about appraisal topics of interest to you. We are here to
help you and your business. Stay safe and healthy!

Your valued editor,
Mike Holzheimer
Editor, Valuation Review