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Housing market affects college students – Lindenlink – Lindenlink – 154news.com

The pandemic forced the housing market into a surge with demand high and prices soaring, and it isn’t expected to cool down anytime soon.  

In each month from March through October 2021, the typical U.S. home spent fewer days on the market than in the fastest-selling month from 2016-2020, according to a Realtor.com report. 

Local real estate agents say the pandemic is the main reason for the soaring market.  

“Most of that is due to the pandemic. People didn’t have to move. A lot of them are getting laid off somewhere needing to work from home because their offices shut down,” St. Charles realtor Leslie Firebrough said.  

Firebrough also notes that the market isn’t expected to cool off anytime soon, saying she expects the market to stay like this for another two years before it levels out.  

The housing markets are also affecting apartment rentals, with the average apartment rent rising 9.2% in 2021 according to a Business Insider report.  

Lindenwood senior John Stewart said he experienced this and struggled to get an apartment lease with the vacancies filling up quickly.  

“It was pretty difficult to find an apartment, like it actually took a couple of months to sort out just exactly what you want. It’s pretty tough to get everything secure because I guess there’s a lot of people buying apartments right now,” Stewart said. 

Firebrough said the best advice to those looking for houses and apartments in the area right now is to “stash the cash” to help put more money down.  

“Work on your credit, because you want a conventional loan. You don’t have to pay cash for a house, people say cash is king. It doesn’t mean you have to not get a loan and pay cash.” Firebrough said.  

Source: https://lindenlink.com/175402/news/housing-market-affects-college-students/