2020: A Year Like No Other
Allen Tate President/CEO Pat Riley reflects on a memorable year for real estate
It’s no secret that 2020 has been a year like no other. Life, as we know it, was disrupted, to say the least, by a global pandemic, economic fluctuations, racial tensions and one of the most unprecedented Presidential election seasons ever.
But for the real estate market, no one could have predicted the dramatic swings that have taken place.
“From a deep dip in the spring, to a summer season that was off the charts, to a fall that is showing no signs of slowing down, 2020 has been a wild ride,” said Allen Tate Companies President and CEO Pat Riley in the October edition of Carolinas Market Update.
After a 50 percent decline in business in March, April and May, real estate began a rapid recovery in June and July. Riley attributes the rebound to historically low interest rates, pent-up demand from the spring marketplace and fatigue from people being largely house-bound because of COVID-19.
And while the Carolinas have historically benefitted from in-migration, it has been bolstered by COVID-19 as buyers are looking to move to other areas or more rural suburbs, Riley said.
A lack of housing supply has allowed sellers to benefit from quick sales and steady appreciation, while low interest rates have incentivized buyers to make a move. The Carolinas are also blessed with secondary housing markets at the beach and mountains, which have remained lucrative investments as buyers are looking for both strong investments and vacation or retirement properties.
“As we move toward the end of 2020 and look forward to 2021, we’ll continue to do what it takes to meet and exceed the needs of our clients in this new normal,” said Riley.
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.