How the Housing Market Is Changing Due to the Current Economy

While the COVID-19 pandemic had negative impacts on many elements of the economy during 2020, some things had surprisingly pleasant effects. One of the biggest shocks was the amazing reaction of the housing market despite the drastic hardships that the world has seen.
In what sense has the housing market changed during the current economic situation and how does that continue to be the case? We have a few answers to that.

2020 saw impressive percentage increases in several aspects of the housing market such as home worth and home sales. 2021 isn’t appearing to veer from that, but rather only continue upwards bound. While there could be many reasons why home sales boomed and continue to do so, a couple of reasons stand out. One of these is people’s increased appreciation for their homes due to the stay-at-home experience. Another fact was that, thanks to new online platforms, real estate was able to continue forward without skipping a beat. Listings, showings, and contracts could all be done from the comfort of the buyer and sellers’ homes.

Another big contributor to this booming housing market were the millennials, who were and are actively buying homes without holding back. It is no wonder that it is such a competitive market right now as more people than ever are on the hunt to find a home, meaning that houses are flying off the market.

The fact that it has become harder and harder to find houses has led to increased need for new construction, which will also be an exciting boost to the market. It is also an exciting time to become a homeowner since house values are appreciating due to the supply and demand, as well as the all-time low mortgage rates, which is a win on top of another win for many home buyers.

On top of this nationwide housing market boom, Charlotte also made it onto the Realtor.com list of top ten housing markets for 2021, and we are not surprised! If there is one thing that this pandemic has taught us, it is that location is EVERYTHING. With more time being spent in the home and in the nearby surroundings, it is logical why this market is so hot. It’s bigger than just the housing market, these are investments into our futures and preparedness for whatever may be up ahead.

Not only has this pandemic been surprisingly good for the market, but post-pandemic is predicted to only get better! Experts are saying that the bounce-back after COVID-19 will mean even more surge for the housing market, if we can even imagine that!

Right now, the forecast is that new construction homes will be even more fruitful than existing home sales. What does that mean? Well perhaps for you, that means that now might just be your perfect time to finally look into making your custom home dreams come true. Let J&J Custom Homes make this a memorable experience you will never forget. 2021 is the year to do it!

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