There is almost 50% less housing inventory on the market in fall 2020 than there was last year in 2019. It is indeed a seller’s market.
CHARLOTTE, N.C. — One of the big business stories amid the pandemic was unexpected, but good news for the economy and homeowners. It’s the real estate market. Coupled with low-interest rates, now might be the time to sell if you plan to sell in the next five years.
Who would have guessed that a global pandemic and downturn in the economy would be good news for housing?
“We’ve never seen a housing market so emotional,” said David Hoffman of the David Hoffman Group.
Hoffman just launched his own real estate brokerage in the Marvin area, another business started during COVID-19. Hoffman’s insight is interesting if you are even remotely considering selling your home because home is everything now.
“Everyone values that safe space (home), it’s the one thing the pandemic can’t take from us,” said Hoffman said.
Inventory is extremely low, that’s driving prices up, coupled of course, with historically low-interest rates. In the 2nd quarter of this year, the number of homes on the market versus the same time a year ago was down 46.7 percent, almost half the inventory at the same time 2019.
It’s been said the home is where the heart is, well, right now, it’s date night, workspace, school, and the need for a safe healthy space. However, the big question is, are we in an odd bubble? When COVID-19 breaks, will the bubble burst and reality set in? A sellers’ market can quickly turn the other way.
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“If you are going to sell in the next five years, think about selling now, protect that equity because I think in the next two years, we might have a pretty large fall”. “Data tells me prices have more than doubled in the last 10 years, both the median and the mean, and they have outpaced wages and salaries, so I expect a fall said Hoffman.
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