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Many folks have been saying housing market will crash and how it’ll plunge but I have a different opinion. I actually think it may skyrocket after COVID. It may be little slow in the beginning but I think it’s going to pick up big momentum.
The main point is that there were many folks waiting for recession to buy homes, many were expecting recession in 2020 or 2021! , the good thing ? COVID actually already caused a recession. Now with this behind us (soon) all those folks will start buying homes as there probably won’t be another recession for many years now once we re-start economy.
Also lot of folks from NY, NJ are looking to move down even more after coronavirus
That’s my opinion, this area will see big boom in 2021.
I don't think you'll find anyone thinking that housing is going to ever taper off or decrease dramatically in this area. This area is an educational and technological hub for a lot of things. It's also the seat of a lot of the government in the state.
To see it continue to surge would be zero surprise, especially as this area continues to urbanize/densify.
On the topic of a recession/depression, while I'm pretty sure we're in or about to be in a recession -- to say that we're already putting something like that behind us is slightly out of place. It takes 2 quarters of economic contraction to start to visualize something like that and even then it can be years before we're fully out of a recession/depression.
I don’t know about skyrocketing. But I do think that housing and home-related expenses are going to be a financial priority for those with the means to spend for the foreseeable future. Being at home more means more home related wants and needs
I don't think you'll find anyone thinking that housing is going to ever taper off or decrease dramatically in this area. This area is an educational and technological hub for a lot of things. It's also the seat of a lot of the government in the state.
To see it continue to surge would be zero surprise, especially as this area continues to urbanize/densify.
On the topic of a recession/depression, while I'm pretty sure we're in or about to be in a recession -- to say that we're already putting something like that behind us is slightly out of place. It takes 2 quarters of economic contraction to start to visualize something like that and even then it can be years before we're fully out of a recession/depression.
Just trying to put some things in perspective.
whether it gets trumpeted in the media or not (my bet IS), we will undoubtedly be in a recession at end of June. Just the 2-3 weeks in march made Q1 negative, and Q2 will obviously be negative. That's the 2 quarters needed to label it a recession.
I'd have to look at economic sectors more closely to see the chance of Q3 bing growth - but when they reported Q1, they said health care contraction was 40% of the loss. Seems reasonable to think that will rebound quickly as 3 months or so of need/demand is allowed to resume.
I don't think people will be fleeing the Northeast because of Coronavirus. They will leave for the same reasons they have always left; they are willing to trade the benefits of a large metropolis for slightly lower COL and much more space and (sometimes) avoiding winter.
I don't think people will be fleeing the Northeast because of Coronavirus. They will leave for the same reasons they have always left; they are willing to trade the benefits of a large metropolis for slightly lower COL and much more space and (sometimes) avoiding winter.
Some dads and I were playing virtual darts on Saturday night. One of my buddies owns a Commercial Real Estate company up in B'More. He was saying something similar.
"People won't leave the NE because of Coronavirus explicitly. However, if more and more companies see the opportunities that remote working has afforded them (continued/increased productivity) and thus could reduce RE footprints (and taxes) I could see a lot more people leaving areas they are in to lower cost/"better" locales because working remotely means you can work from anywhere."
Because the Great Recession was so significantly tied to the housing market; many people now think that a recession not only correlates with a drop in the RE market; but that the two are synonymous. Historically (IE; in every recession prior to 2007) that is just not the case.
"Skyrocketing" seems a bit dramatic; but I do agree the Triangle as a whole has a much more resilient economic standing and correlating housing market than the vast majority of the country.
I saw an agent in Las Vegas comment in a real estate FB group the other day that the the real estate market is "Booming" in Vegas....yeah, Sure Jan.
It seems pretty clear to me the on fire aspect is generated by retirees and RE cashouts from up north
As the markets rationalize, boomers start to cash out housing in bulk, and NE cities get their act together again I think things could easily tilt back
We are drastically underinvested in quality urban infrastructure like public transit, schools, walkability
Also lot of folks from NY, NJ are looking to move down even more after coronavirus
That’s my opinion, this area will see big boom in 2021.
I fully expect it. Myrtle Beach area too. But I'm seeing a lot of people want to leave NJ for Texas because murica and tyranny or something (I need to get off Facebook)
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