Keeping It REAL - by Bettsy Tyler

"2020 will be known for a lot of things, and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” prominent economist Daryl Fairweather said. 1 And he’s right: most of us would have expected the housing market to suffer from circumstances like a once-in-a-hundred-years pandemic and historic inventory shortages. But, rather than a slowdown, we are continuing to experience a surprisingly robust real estate market across the country and locally. Experts estimate that these conditions are likely to last well into the new year. Fannie Mae Senior VP and Chief Economist Doug Duncan predicts that existing home sales will ultimately “be up a percent or more in 2021.” He believes home prices will continue to rise due to limited inventory, but he is confident the Federal Reserve will keep interest rates low into the future, which will be “very good for households.” 2 Market conditions like fewer available listings, changing criteria for desired ...

Covid-19 has definitely had it's effect on the real estate market.  Compare last years "new Listings" with "Sales" and it is clear that March 2020 was very different than March 2019. When the Shelter in Place order went in, listings came off the market and sales slowed. The real estate community quickly implemented new ways to show houses. Our own office bought special cameras to generate a virtual walk through a home to "show" the home to a prospective buyer without having to actually go to the home. Our equipment creates a picture of the floor plan and combines that with interior photos. Then there are drone videos, and lots of professional photos which make is much easier to see a property on line. The protocols now in place also help to ensure the safety of all clients involved. There are guidelines to follow if and when there is an in-person showing. Hand sanitizer, cleanings between showings, masks and non-touch methods to minimize risk. ...