It’s that time of the year again! Once the leaves start to turn color and drop, our thoughts begin to turn towards cozy nights in by the fire and holiday feasts.
The real estate market has been burning hot over the last few months. Home prices are up over 15% year over year based on a report from the NAR (National association of Realtors). Meanwhile, some extremely competitive markets are waiving inspection contingencies on the home. To an extreme, some markets are seeing offers with zero contingencies. Desperation and panic are overtaking buyers and buying agents as the market boom has resulted in upwards of 15 offers per home on the market. To really understand why this is happening, we have to look at what caused the market to run so hot.
During the pandemic there has been a vastly different employment experience between men and women. Statistics provided by the U.S. Bureau of Labor Statistics shows that for most of the pandemic, women have experienced higher unemployment. In April and May 2020, when unemployment numbers were peaking, female unemployment was over 2% higher than male unemployment. Even more drastically, married women unemployment rate was over 3.3% higher than married men. The pandemic has highlight the discrepancy between male and female unemployment.