When COVID-19 hit I was worried that the economy would get trashed. It did. But the real estate market has not gotten trashed, at least not here in North Carolina.
A good friend of mine, Eric, who sells large quantities of homes, told me the market often takes a good 9 months to catch up with what’s happening in the real world. People’s unemployment begins to run out and they have to move, prices dive, etc. He didn’t give me any warm and fuzzy feelings.
However, 2020 has been a crazy year. People are leaving densely populated cities. They’re sick and tired of protests, riots, viruses. People are working from home. Kids are getting homeschooled. Cruise lines are closed. Nobody wants to fly. What’s that mean? People are flocking to suburbs and people are also buying beach houses. A house with 10 acres in the country 40min outside of a city in NC is in extremely high demand, like nothing seen in my lifetime. Coastal property is hot too. Not as hot, but it is doing very well.
I am personally looking to buy a beach house. We’ll see what happens in the market this winter, but it appears homes in the 300k-600k price point are in steady demand.