Additional COVID-19 vaccines could boost home seller confidence

PHOENIX — Additional COVID-19 vaccines – like the recently-approved one from Johnson & Johnson – could send home sales soaring even higher.

The extra doses would make 70% of homeowners comfortable to sell, according to a new Zillow survey. That number drops to 52% without the vaccines.

“They expressed less financial uncertainty, and less financial and general life anxiety in this survey than they had previously in the fall,” Chris Glynn, principal economist, said.

Glynn said buyers would be able to select from up to 14 million extra homes nationwide.

“Inventory is so low, but now, there will be additional options – and perhaps less competition – for some of the homes already for sale,” Glynn said.

But don’t count on a break in prices.

“Whether they climb at the previous year-over-year rate of 10%-plus (nationwide) remains to be seen, but we’re confident home values will continue to increase,” Glynn projected.

Phoenix Metro’s typical home value rose 17.1% in a year to $336,000.

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