{"id":3834,"date":"2020-08-13T19:55:39","date_gmt":"2020-08-14T00:55:39","guid":{"rendered":"https:\/\/theralphieandryanshow.com\/?p=3834"},"modified":"2022-01-16T16:17:45","modified_gmt":"2022-01-16T22:17:45","slug":"the-real-estate-market-post-coronavirus","status":"publish","type":"post","link":"https:\/\/box5915.temp.domains\/~theralph\/the-real-estate-market-post-coronavirus\/","title":{"rendered":"The Inevitable Real Estate Shift"},"content":{"rendered":"\n
Before coronavirus (BC), the real estate market was on a tear. In February 2020, national median listing prices were up 3.9 percent year-over-year<\/a>, and due to the low supply in many parts of the country, prices were re-accelerating. The spring market is always the busiest for Real Estate, and the spring of 2020 was looking like it would be white-hot. <\/p>\n\n\n\n With record-low unemployment<\/a>, low rates<\/a>, and tight inventory<\/a>, the market was postured to post yet another great year. Of course, that was all before the coronavirus pandemic.<\/p>\n\n\n\n The catchphrase \u2018unprecedented times,\u2019 currently being used to refer to just about everything that\u2019s happened in 2020, applies to the real estate market as much as anything. New Construction dropped 30% drop from March<\/a> to April. Home Sales also dropped in April to 17.8% and were down 17.2% YoY, the lowest level in 9 years. <\/p>\n\n\n\n Real Estate is really in unprecedented times. Never before in recent history has the US real estate market been so deeply affected in such a short period of time. Home sellers withdrew from the market due to the lockdowns, and many were prevented from listing their homes at all. New Listings declined by 28% compared to just a year ago<\/a>. <\/p>\n\n\n\n The further drop in inventory has left even fewer options to choose from, causing a current frenzy for those few homes left on the market. Buyers that had long been waiting to buy are now competing with more buyers, creating many multiple-offer situations. <\/p>\n\n\n\n In many real estate markets, we have even seen an uptick in prices due to the high demand and low supply. Nationwide asking prices moved up 1.5% <\/a>year over year in May, but we are left to wonder, how long will this last? What will the real estate market look like 2, 5, and even 10 years from now? And when is a good time to buy or sell?<\/p>\n\n\n\n