Real estate market recovery: Are we there yet?
Allen Tate President/CEO Pat Riley shares his take on market activity in 2020
As we enter the sixth month of the COVID-19 pandemic in the Carolinas, the world continues to feel a little upside down. But don’t tell that to the real estate market.
“June and July closed home sales exceeded the same months in 2019, despite COVID,” said Allen Tate Companies President and CEO Pat Riley. “Unlike many industry sectors, the recovery of the residential real estate market has been a sharp turnaround.”
In the August edition of Carolinas Market Update, Riley shares his take on this year that’s been anything but normal and answers a few frequently asked questions for these times.
Can we market homes safely for buyers and sellers?
Allen Tate Realtors can successfully get the transaction from listing to market exposure to closing – virtually and safely, said Riley.
Why is residential real estate recovering so quickly, compared to other marketplaces?
It’s the perfect storm of interest, demand, and low interest rates, said Riley. People want and need to move to the Carolinas – for work, family, or quality of life reasons. Inventory is low, so properties are well-maintained and ready to sell quickly. And of course, low, low interest rates have infused energy into the market and are expected to remain until 2021.
Will the impact of COVID mean more buyers moving to the suburbs and working from home?
Riley says maybe for the short term while we all learn how to do things differently. But we like choices and our memories are short-lived, so he predicts that buyers will still make their housing decisions on evergreen factors like school report cards – regardless of what home style or physical location they prefer.
So, are we there yet??
“We are well on our way. We all want to get back to our lives, real estate is helping lead the way, and Allen Tate is leading the Carolinas,” said Riley. “We’ll continue to navigate market challenges, just as we’ve done successfully for 63 years.”
Carolinas Market Update is targeted to consumers in the Charlotte, Triad, Research Triangle, High Country, and Upstate S.C. regions. It is produced every other month by the Allen Tate Companies and features information, statistics, trends, and predictions about the real estate market in North and South Carolina.