This is a topic that I have gotten a lot of questions about recently, whether it comes from current homeowners or hopeful, soon-to-be homeowners. How has the real estate market been affected by COVID-19?
The virus and the stay at home order have definitely had an impact on our local real estate market, but it is not as severe as you may think. Luckily for us, our market has not slowed down as much as other parts of the country. We live in an attractive area and people will always want or need to relocate here for jobs, better quality of life and more affordable housing. Let’s take a look at the market stats from April in both Mecklenburg and Lincoln counties.
In Mecklenburg County, both new listings and closed sales were down 25-30% from this same time last year. However, with such low inventory – sales prices remained strong at roughly 11% higher than April 2019.
In Lincoln County, new listings went down around 15% from this same time last year. Unlike Mecklenburg county, closed sales were up 13% from the previous year. With the inventory remaining low, sales prices remained strong at roughly 13% higher than April 2019.
Although new listings were down in both counties during April, we are already seeing a sharp increase in new homes hitting the market so far this month. Pending sales have also increased dramatically since the beginning of May.
So what does all of this mean for you?
If you have been contemplating selling your home, now is still a GREAT time. Inventory is still down 20% in Lincoln county and 30% in Mecklenburg county. This means there are less homes on the market and less competition for you as a seller. Not to mention, the buyers that are out looking for a home right now are as serious as they come. This means less wasted time on unsure buyers.
If you have been considering buying your first home or transitioning to a new home, there are some great benefits for you as well. Right now interest rates on mortgages are near 60-year lows. With interest rates as low as they are, it gives you the ability to afford more home than you would be able to at a higher interest rate. There truly may never be a better time to lock in such a low rate. Not to mention, if you are a healthcare professional or first responder – many companies are offering great incentives right now to help you save more money.
Further questions? Drop a comment below or contact me here.
