Triangle Market Update – If you, a friend, or a loved one is planning to enter the real estate market this year, do not panic.
May 2020 Triangle Real Estate Market Update – There is a lot of misinformation and fake news out there and it can be hard to tell what info is real. Here is what you should know:
- In the Triangle area, there is still a shortage of homes for sale in most price ranges. This has been the case for a long time and the pandemic is not going lead to a surplus of listings that will bring down prices.
- Showings of homes have been allowed in the Triangle area during the stay at home orders, so sales have been occurring, although at a slower pace than we typically have for March and April. With construction being considered essential, new homes have progressed during the stay at home orders.
- With the statewide reopening of NC starting in early May, real estate economist Dr. Lawrence Yun predicts sales activity will be higher later this summer to make up for the “pause button” that took place during March and April.
- Historically, after nationwide tragedies such as September 11, 2001, and localized disasters like hurricanes, prices of real estate have actually increased rather than decreased. There is no indication that house prices will decrease in the Raleigh Durham area.
- As of the beginning of May, mortgage interest rates are around 3% and the stock market is improving from its drop in March, so buyers and sellers still have reason to move in 2020.
The bottom line is that buyers can’t assume they won’t be in a multiple offer situation and sellers still need to do the necessary preparation to get their house looking its best to appeal to buyers.
May 2020 Triangle Real Estate Market Update – You need an experienced professional to help you navigate the current real estate market. Feel free to call me with any questions: 919-818-5001. Call Amy for your Shair of the market! Or contact us here!