Buying a home in 2020

2020 has been an interesting year:

What an interesting year we have had so far.  Never say “it can’t get any worse” because 2020 has proven that it can.  If you have been in the market to buy a home this year has had its challenges.  With COVID-19 we have had communities shut down, limited air travel, difficult long distance travel by car due to limited places to stop for a bathroom break and the list goes on.  In my lifetime (born in 1968) I have not seen anything like this.  However, I did expect it to happen eventually.  I have said for many years we are one plane flight away from a medical disaster….and here we are.

Work from the office or at home:

Ok, back to real estate.  We have had huge disruptions in travel, business, employment and life in general.  With all of this you would expect that the real estate market would slow down.  As crazy as it seems we are still selling homes at a record pace from the Charlotte area to the beautiful mountains of western NC.  The lack of inventory has played a huge role in home sales being strong.  We are seeing a trend of phone calls and emails from our out of town clients that have considered moving to a smaller and slower paced environment “eventually”.  Well, many say  their “eventually” is now.  The excitement of the big city is not so exciting when you realize you are stuck in your highrise condo looking out to a sea of concrete.  Our world has shifted and companies that would never consider allowing employees to work from home are finding it is a great plan for the future.  Employees will be able to move to their dream location and work from their lovely and very comfortable office at home.  I know that I have made the change to working from home and I love it. I have always worked from our RE/MAX A-Team office and it was great.  However, now I am able to sit on what we call “The Side Porch at The Carswell Manor” and listen to the birds, wave at my neighbors, hold my cat, pet my dog and pick blueberries off my bushes while working.  I am lucky that I have a career that I can work from anywhere as long as I have great phone and internet service.  Now where is that private island when I need it…does it have high speed internet?

Do you want to buy a home now:

So you want to buy a home?  You can’t find a home you like?  If you find one it is under contract with a buyer even before you could call to schedule your viewing.  This is very frustrating and confusing for the consumer.  As a Realtor I know how to deal with this and do my best to give my clients an advantage over the other buyers out there in the market trying to buy a home.  The problem I have as a Realtor is that buyers often get their advice from well meaning friends and family who do not understand this market.  As a trained real estate professional it is my job to guide my buyers in the right direction.  I update the buyer information on our website often as I run into situations that cause road blocks for my clients.  The clients that follow my direction do well and usually find a home.  The clients that refuse to read my instructions or listen to what I try to tell them often get frustrated and finding a home is not fun for them or me.  I truly believe finding a home in any type market should be fun.  Trust me when I say it will be fun and less stressful if you will follow my plan.

Housing sales during the 3rd and 4th Quarter of 2020:

How do I see the housing market over the next few months and into the winter?  Here are my thoughts.  June – July will be a feeding frenzy for availalbe homes.  We will continue to see multiple offers and homes selling over list price in many cases.  As we move into August and September we will see a pull back with buyers as they try to navigate the upcoming school year and deal with elections.  Will there be school at the school or will school be at home?  Who knows at this point.  For those who watch excessive amounts of  TV news the obsession will grow as the election gets closer.  Here is my mental health tip: Turn off your TV/Read your news and limit this to no more than 1 hour a day.  The 4th quarter of 2020 will see homes prices level off as we see foreclosures from job loss, more people moving for a job in a different area and home inventories increasing.  If you do not have to buy a home today the fall and winter may be the ideal time to make the jump to that new home.  However, if you need to sell a home to buy a home my recommendation is to sell now while prices are still very high and demand is high.  If you sell high you will have the money to buy in this market.  If you are renting and can continue as a month to month tenant you are in the perfect place to wait for the right home.  Maybe we find it tomorrow or maybe in December.  For those of you who have the ability to sit tight where you are my recommendation is to slow down and consider what it could be worth to you financially if you wait to purchase later this year when prices could be better than they are currently.

I am thankful for all of you that allow me to do what I love.  Working for you is an honor and I take the task very seriously.

If there is a real estate topic you want to know more about please let me know. I am happy to keep you informed.

Have a wonderful week!

Meredith Carswell

 

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