Coronvirus effect on housing market remains to be seen
“First quarter housing activity showed that the Charlotte region was poised for a strong start to the spring selling season. Unfortunately, we will not know the impact of COVID-19 on the local housing market until April’s data is available. We are hopeful that this crisis will not linger long into the summer months, as there are buyers still trying to purchase homes and sellers interested in selling.” – John Kindboom, 2020 Canopy Realtor® Association/Canopy MLS President
Our local Realtor association President John Kindboom’s statement sums up what we have seen so far, year to date, for Lake Wylie real estate. By all accounts the first few months of 2020 showed a promising start to the year for home sales.
In Lake Wylie, Clover SC and the surrounding townships of Fort Mill, Tega Cay, York, Rock Hill, Belmont and Steele Creek(Charlotte), new listing activity dropped slightly. All other metrics show a robust real estate market – trends similar to what we have witnessed in many recent years. This is likely to shift in the coming months.
Over the past several weeks we have been in close contact with clients – current and past. A common question has been, “what’s going to happen to the real estate market?”
In our opinion the market, much like stocks, was overdue for balance. Since 2017 we have been predicting a leveling of the real estate market. Covid-19 may prove to be the catalyst. And this isn’t necessarily a bad thing.
The past 6-7 year trajectory of rapidly increasing home values is/was ultimately unsustainable. Recently we’ve been a little shocked at the price $/sqft some houses have sold for. For years now, potential Buyers have been getting shut-out due to housing shortage.
Our crystal ball is a little dusty these days, but in our opinion we are likely headed towards a balanced market post Covid19 – a leveling of prices, better opportunity for home buyers, although it’s hard to tell whether or not Covid will have any lasting, negative affect home values.
A balanced market is a healthy market. Keep in mind – it is never, ever, ever simultaneously both a ‘Sellers market’ and ‘Buyers market’. Give up a little on one side. Gain a little on the other.
3D Virtual Tours in demand
In 2017 we adopted cutting-edge technology which enabled us to scan listings and create a virtual model of each home. While the high cost and time-consuming process has kept this marketing tool from becoming mainstream with other Realtors, we still create a 3D model of nearly every property we list for sale.
Our 3D Tours offer: Buyers extraordinary access to homes, Sellers advanced marketing exposure, and ALL Parties (Buyers, Sellers, Agents) the benefits of an effective, time-saving method for screening potential properties.
Want to try a 3D Tour? It’s pretty fascinating once you get the hang of it. Below is an example of a Lake Wylie home we sold last year.
Where do we go from here
Everyone’s situation is uniquely different. Contact your Lake Wylie Realtor for advice on your particular situation. What we all share however is a new reality. For some people and businesses in our community Covid-19 has had disastrous consequences, and at the minimum we have all made adjustments to our daily lives.
One thing we know for certain: this will pass, and our Lake Wylie community will be as strong as ever. For now, maybe we should all just take a deep breath and make the most of this rare pause in our busy lives.