These past few months have been filled with uncertainty, thanks to widespread unemployment and more than a little turbulence in the economy. All the upheaval has left many would-be buyers and sellers wondering if it’s still smart to make a move, or if they’d be better waiting for things to settle down. So, what does the 2020 housing market have in store?
The 2020 Market Shows Promise of Recovery
Late winter and early spring saw nationwide business closures and unemployment, which led many buyers and sellers to put their plans on hold. However, as the economy begins to reopen, real estate, too, may start picking back up. Here’s what’s in store.
Sellers are ready to list
A recent study in the 2020 NAR Flash Survey: Economic Pulse indicates that most would-be sellers are ready to list their homes. In fact, the study indicates that about 77% of potential sellers plan on listing once stay-at-home orders in their area have lifted. Actually, Zillow has already reported an uptick in the number of homes for sale.
Buyers are eager to buy
While some buyers did put their plans on hold to wait for more stable economic conditions, others actually decided to jump in to take advantage of rock-bottom-low mortgage interest rates. In fact, the NAR survey reported that only 17% of potential buyers stopped their search for economic reasons.
Buyer preferences are changing
Partially driven by the health crisis and increased time spent at home, buyers are changing their real estate criteria. In fact, 5% of buyers shifted their search focus from an urban to a suburban location. Additionally, many real estate agents report an increased demand for homes with larger yards, office space, and more flex space in general.
The Bottom Line: Real Estate Is Picking Up
Despite the roller coaster year we’ve had, real estate has remained steady and strong. And as businesses begin to reopen, people to return to work, and the economy starts to recover, it’s expected for the market to pick back up right where it left off.
Ready to Buy or Sell in the Triangle?
Are you thinking of buying or selling a home in Raleigh or the Triangle? Let Linda Craft & Team lend a hand! Contact us today at 919-235-0007 to learn more or get started. With over 350 years of combined real estate experience, we can confidently say there’s no better team to help you get the job done right!