In just a matter of months the coronavirus pandemic dramatically changed the landscape of the housing market, especially in big cities. But now news of a promising vaccine could turn things on its head again. Nationally, home prices have never been higher, driven up as surging demand due to record low mortgage rates comes up against historically low inventory of homes for sale. But the most expensive urban areas have been experiencing the opposite problem. Cities like New York and San Francisco have seen higher vacancy rates and lower rents and sale prices as many people, untethered from office jobs, retreated to the suburbs and less densely populated areas. More from Success Want to work from home forever? Here’s what you need to know CEOs, now is the time to reach out to your employees Jeffrey Epstein’s $22 million Palm Beach mansion will be demolished But with potential vaccines on the horizon, real estate in big cities could see a turnaround. “It’s not going to be a light switch,” said Jonathan Miller, president of Miller Samuel, a real estate appraiser and consultant in New York City. “But the news is starting to get people to be hopeful and think about… Read full this story
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