Searching "My Home Worth" on Trulia? Here's Why You're Not Alone Post-Pandemic
During the height of the COVID-19 pandemic in 2020, rentals in urban areas took a hit. As folks who were afforded the privilege of working remotely broke their leases to move to less densely populated (or more affordable) areas, rent prices plummeted in many major U.S. cities. As a result, it became quite a seller's market in places just outside major metropolitan areas, from the suburbs of San Francisco and Oakland, California to the New York City-adjacent, rural towns in Connecticut and upstate New York.
In 2021, the trend has ramped up, namely because the number of buyers in the market outweighs the number of homes for sale. Needless to say, housing markets across the country have been turned upside down. What was once a buyer's market has become a seller's dream. Additionally, this supply-and-demand trend has caused many home values to increase rather sharply.
So, is it time to sell? To downsize? While it's not clear how long this seller's market will last, a great place to start is figuring out how your home compares to others on the market. With this in mind, using platforms like Trulia and Zillow is a great place to start. Not sure how these tools work? We've got you covered.