Many Americans are under the impression that because of all the uncertainty going on today, we need to gear up for a bleak future for real estate.
But we’re here to debunk some of these myths that seem to be floating around out there and share that the future of the real estate market may be brighter than you think.
Myth: Home prices are decreasing
The opposite is actually true here – home prices are on the rise. During the first quarter of 2020, the national media price for single-family homes increased by 7.7%. Home prices continue to rise and stay on pace with the home price growth we saw this same time last year. Plus add in the record low mortgage rates and lack of supply, home buyers are rushing to purchase.
Myth: You shouldn’t sell your home right now
If you read the point above, you would know why this isn’t quite the case. Even with unemployment up, there is still a strong demand with buyers outnumbering sellers in the housing market. In fact, the latest statistics suggest that now is one of the few times in years to sell a home.
Myth: Everyone is wanting to move to the suburbs
From an impulse level this makes a lot of sense. It’s hard to socially distance and ride the subway in New York City or be able to relax and let the kids play outside when you have no backyard. Then we see that listings in the suburbs are drawing more attention these days. So why is this a myth? To begin, picking up and moving isn’t the easiest (or most affordable) thing to do. And many people are working from home temporarily – where they would need to be in close proximity to their company once it opens up again. Although this pandemic is bad, it will eventually pass and when that happens, people will want to continue to live in cities.
Jennifer Cain has been helping clients buy and sell real estate for years in Central Florida. If you would like to sell your home or you’re in the market to purchase a new one, please reach out to us at [email protected] or (352) 414-5339.