Guest Writer: Rod Eller, Senior Vice President, Regional Manager
Fonville Morisey Realty | A Long & Foster Company
Here in the Triangle, as conversations shift from staying at home to developing –processes for the reopening of our community, it is likely that we are asking ourselves questions. This has been a difficult time for everyone -which we see as front line supporters struggle, businesses are being restricted from normal function, and extreme economic loss for so many. It appears these efforts and sacrifices are doing what our advisors hoped that they would do – flatten the curve.
As we move forward in the economic recovery process, many businesses and industries are looking at a new reality which requires reflection and an appreciation of what we have learned. The real estate business is no different. We’ve been asked to share some industry insights regarding the role that real estate plays in moving forward.
Prior to the pandemic, the Triangle area continually won national accolades as one of top places to live. Awards in housing and quality of life have been the norm for years, making the place we call home one of the most sought after locations in the country. Our growth and limited inventory for housing made the market active and competitive. COVID-19 did not and will not change that. As we look at current market conditions we see adjustments. Some people with intentions of buying or selling decided that they would temporarily postpone as health and safety concerns influenced their decision. Others looked at employment insecurities and decided that now was not the time. Yet others took advantage of the opportunity and available technology - to find a new place to call home. It is too early to determine what the numbers will look like at the end of the year. Will sales be off from last year? Probably. How much? As –previously stated it is too early to tell with any certainty. It is a reasonable expectation that numbers will be off. However, don’t be misled by the data - – the housing market is strong and alive. There was and still is a shortage in available housing in the Triangle. Interest rates are at 60+ year lows.
Housing plays a unique role in the economies of the Triangle. It is one of the primary driving forces to a return to “normal”. Housing and the love of home can help to stabilize and steer our local economy. There are still challenges ahead. Financial stresses will be with us for the months to come. However, this too, shall pass. When you are ready buy or sell your home, we will be here for you. You will need a partner who knows the neighborhoods, the market and the process. A partner who can advise you when to think on it, sleep on it or go all in on it. Over the last few weeks we have lived the reality that a home is much more than bricks and sticks. It’s where we live and love.
Fonville Morisey. For the love of home.
To learn more about Fonville Morisey, visit their website here.