Key Takeaways:
- The shocking year-over-year housing numbers being reported are a reflection of last year’s virus-related market and this year’s strong market rebound.
- Buyers and sellers should expect normal seasonal sales in today’s real estate market—be wary of article headlines citing unbelievable growth.
- Linda Craft & Team knows the reality of today’s housing market and can provide you with the guidance you need to navigate it. Contact the top real estate team in the Triangle today!
Here’s What You Need To Know About This Year’s Data
Odds are, if you’ve read a real estate article recently, then you’ve seen a shocking headline regarding year-over-year housing numbers. These remarkably high one-year increases are highlighting housing data primarily covering the months of March, April, May, and June of last year and this year. We hate to burst your real estate bubble, but the experts at Linda Craft & Team are here to debunk these clickbaity headlines.
Let’s talk about the difference between last year and this year
It’s no secret that the global pandemic took a toll on the real estate market. The staggering one-year increases shown in current housing data reflect a combination of two things: distinctly lower housing numbers due to last year’s virus-related market collapse and the resulting strong market rebound. Therefore, the eye-catching numbers you’re seeing are simply a short-term spark in data.
Stop believing the “Unbelievable Increases” from last year
As shown in the above graph, single-family home sales decreased sharply from the beginning of 2020 to May 2020 due to pandemic-related restrictions and increased unemployment rates. Although housing numbers are certainly on the rise again, the percentage increase in sales will not be monumental—today’s numbers are just higher compared to last year’s record-low numbers.
Navigate the Market with Linda Craft & Team
Don’t be fooled by the sensational headlines across the real estate industry in the coming months. Instead trust in Linda Craft & Team to help you navigate this year’s hot real estate market. As a homeowner, you aren’t expected to know it all; work with the top Realtors in the Triangle area to get the buying and selling guidance you need. Contact Linda Craft & Team, or call 919-325-007, to get personalized advice!