Real Estate is Name of the Game.
More than 5 things to know about the local real estate market.
I have been in the business for longer than I can imagine or want to admit.
I STILL LOVE IT.
I have seen the ups, downs, the ins and out and everywhere between and
I STILL LOVE IT
I had been asked to comment on the state of the current market and my answer is that it is still very healthy. It will stay healthy for a variety of reasons.
Real Estate is all local. I live in a resort community near the beach and can not imagine a world where people stop visiting the beach. If they visit the beach, they will want to spend more time here and spend days and nights at the beach.
I know we are going thru a live changing event but realistically most folks have come to the realization that the world is not going to end tomorrow.
The morning news announced that only 30% of Americans have been financially affected by this world changing event. That could be considered a large number especially if you were personally affected. The numbers are staggering in some ways but not if you look at the big picture. Of this 30%, how many of those folks were beach lovers. I suspect the number is fairly small if you consider the demographic break down of the United States as a whole.
So going back to my comment about the state of the local real estate market. It is still very healthy. It will slow down slightly because movement is hampered slightly by various restrictions placed upon us by our local governments and our own internal safety devices. It will rebound as we exit this tunnel and return to life in the new normal world.
It will accelerate as people realize that time at the beach is a very safe way to spend your time.
We are still a realistically small area of the States and the density of the population is still small except on peak season days.
We are a location where people can drive in a short period of time as opposed to having to fly. Flying is still an option but I am not sure who quickly that industry will recover from this short term speed bump.
The market has always been determined by several factors. Prices are determined by what a buyer and seller are willing to agree to regarding price. The size of the inventory of homes is a very emotional decision. People have their own idea of when it is the best time to buy or sell. typically the sell decision is affected by the health of the market, the sellers determination of market timing and other purely emotional factors.
This is just my opinion but again. I have been in this business for along time and have witnessed numerous cycles and strongly feel that this too shall pass in a positive fashion without a market melt down.