00:00The U.S. housing market is still feeling the effect of COVID-19.
00:04Money Talks News reports the pandemic has drastically changed the way Americans buy and sell homes.
00:11Here are a handful of ways the housing market looks different from pre-pandemic times.
00:16Perhaps the scariest reality is that affordability has disappeared and there's no relief in sight.
00:22According to the World Economic Forum, during 2019, wages had soared to a historically high level
00:28and interest rates were considerably low, making mortgages less costly.
00:33The pandemic saw Americans leave urban areas to seek refuge in suburbia and smaller towns.
00:40This meant under-the-radar places grew and larger states lost residents,
00:44and the work-from-home model became all too familiar.
00:47The site reiterates cash is king more now than ever.
00:51There's a drastic increase, 41% in the first quarter of 2024, of all cash home sales.
00:58From realtor.com, prior to the pandemic, only 20% of sales were all cash deals.
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