LOCAL HOUSING MARKET OUTLOOK
Tuesday, September 15, 2020
Front Porch Realty was recently invited to a special webinar presentation by Fannie Mae’s Chief Economist, Douglas D. Duncan. Of particular interest to us was Covid-19’s expected impact on our US and of course our local, housing industry.
To our surprise, and great appreciation, we have not seen a disruption of our sales at all from Covid-19 but we can’t help suspect that this huge un-expected disruption of our labor market will eventually trickle down to our housing sales industry and into our local sales activity. There is no doubt there has been in a surge in re-finances in 2020 as more and more homeowner’s have decided to stay in their current homes. Homeowners have had plenty of “home-time” to get all kinds of indoor and outdoor home-improvement projects done. Even if they might have been pondering selling this year, there is fear of where they will go as inventory in all price-points is low. This has added to the cycle of low inventory especially for those baby boomers entering into the home ownership market for the first time.
Good news, according to the Fannie Mae market experts, we should be back to the end of 2019 numbers by the end of 2021, of course we will have lost 2 years of usual growth. Unlike other “recessions”, Covid has hit very specifically. The service and entertainment industries were and continue to be hit hard but other industries have hardly been affected or even actually improved sales. Interest rates are expected to drop even lower in 2021 and most likely stay low for about 5 years. Housing demand will remain way ahead of supply for awhile, prices will continue to go up due to demand and rising building costs.
We want to send a big THANK YOU to one of our trusted local lenders, Shellie King of First Citizens Bank
, for this special informative invitation. FRONT PORCH REALTY agents are always ready to help you make a decision about selling and buying a home, we are great listeners and advisers and we will always have your best interests in mind. We can sell all over the Triangle, NC
region as well as the greater Wilmington, NC
region however we SPECIALIZE in Fuquay-Varina
, Holly Springs
, Willow Springs, Angier
We can’t wait to help you get started today! Contact us HERE