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One comment that I did find interesting was the possibility that NYC residents might be moving out of the city (like they did after 9/11; but this isn't really new information I guess). I bet Asheville might be an attractive choice to them.
PS: I'm not in Buncombe, and I'm not in Real Estate. Just sayin'.
This reinforces what I heard from a real estate friend in WNC area. He claims out of state people from bigger metropolitan areas are buying homes from Boone to Asheville right now. Some are taking early retirement because of the Covid pandemic, others are forced to work from home so they figured they may as well buy their retirement home early and finish their work careers from WNC.
Realtors are trying to sell houses. They usually put a positive spin on things. With that in mind, there will probably be some who move into the area from larger metro areas, but that's been happening for years.
This reinforces what I heard from a real estate friend in WNC area. He claims out of state people from bigger metropolitan areas are buying homes from Boone to Asheville right now. Some are taking early retirement because of the Covid pandemic, others are forced to work from home so they figured they may as well buy their retirement home early and finish their work careers from WNC.
Hopefully they don't bring the virus with them. I've read some counties have guidelines for out of state arrivals to self quarantine for 14 days.
I'm certainly no expert but I tend to agree with Lizap and MD. It reminds me of all the realtors in '07 who were touting the strong Real Estate market even as signs pointed to trouble ahead.
I find it hard to believe the the RE market isn't going to take hard hit, just like the rest of the economy. In the last several weeks alone, 30 million Americans have filed for unemployment, 1 million in North Carolina alone. That represents 20% of N.C.'s workforce. I've also heard reporting that some banks are beginning to tighten up mortgage requirements- 20% minimum down and 700+ credit scores because they don't want to get stuck with defaulting loans similar to 2008.
Again, I'm not an expert but one would assume that the virus will have a significant impact on the RE countrywide, not just in North Carolina.
Thanks for posting the video. I am following the market, like I always do. Like others, I am unsure how this is going to pan out. I feel that with so many people unemployed and the economic effects of the virus, it's going to cause prices to drop. We may not be seeing much change now but in a few months, when all this really hits, I think there will be more change. I'd be surprised if prices didn't drop given the circumstances. With that being said, it's going to take time for the economy to recover and that will happen with time like it always does.
A home in our neighborhood just got a contract for more than asking price and was only listed for a week.
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