Surprisingly in the midst of the Covid-19 pandemic the housing market, for both new construction and pre-owned homes, is holding strong. A combination of historically low interest rates has attracted everyone from first-time homebuyers to current owners interested in exploring refinancing options. Retirees are downsizing into a smaller footprint, providing more “family friendly” homes to be available for growing families, while developers and builders are staying busy with plenty of new subdivisions.
What The Experts Are Saying
In a May 28th Greenville News article, the Greater Greenville Association of Realtors CEO, Nick Sabatine said the association is “forecasting a decline in residential sales of 6 to 8% from last year.” And while yes, that is a decrease, it is much better than the drop in residential home sales during the 2008 recession when there was a 20% reduction compared to 2007, according to recorded MLS statistics. “Over the last five years Greenville County sales have increased by about 7% per year,” Sabatine said. And he believes, “This is more of a short-term issue. The mortgage rates are still so low and people still need homes.”
One of the primary reasons home sales aren’t as robust as in the past is because there is currently more demand than supply leading to a definite seller’s market. Working to combat that are local and regional builders working diligently to increase the number of newly constructed single family residences throughout the Upstate. In fact, the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI) survey has determined new home construction has increased 14 points in July alone, signaling the same solid pre-pandemic numbers the country was experiencing before Covid-19 began affecting the nation.
Numbers Versus Reality
While actual hard cold sales statistics paint a slightly different picture, real estate brokers and agents, along with home builders and mortgage lenders all agree while at the beginning of the pandemic there was a modest lull, the housing market is quickly surging back to pre-Covid-19 levels. Growth in the form of new housing developments, strength in the number of homes currently under contract, for at or more than the initial listing price, as well as the increase in refinanced mortgages all point to an incredibly resilient housing market leading the way to a post-pandemic economic recovery.
So what are you waiting for? Let Closing Contractor help get your home market ready. No job is too big or too small for our experienced teams. And there is no need to worry about Covid-19 when you choose Closing Contractor for all your home repairs. We follow all prescribed safety precautions and will work with your schedule to ensure a total no-contact experience. Connect with us online or call today at 864-326-2640 to schedule an appointment or for additional information.