Home sales last year, ended at the highest level in 14 years, fueled by the pandemic that “sent buyers scrambling for more spacious homes to accommodate remote work” as well as at-home remote schooling for children including college-aged students.
On the North Fork, we have experienced many families coming
to the East End, especially from tight-spaced apartments in Manhattan. People moved
into their “second” homes on a full-time basis and others, with the wherewithal
to buy homes, gave up smaller lodging in Brooklyn and NYC.
“Existing home sales totaled 5.64 million in 2020, up 5.6%
from 2019” despite the pandemic, when many homeowners chose to
shelter-in-place, particularly seniors. The 2020 sales level was “the highest
since the 2006 pace of 6.48 million, NAR said.”
Economists believe that record low mortgage rates definitely helped make
homes more affordable in 2020. To date rates are low and we expect low interest
rates to continue, but that remains to be seen.
Our last column reported nationwide low inventory of homes for
sale - certainly, a prime scenario for a higher sales price. If you are thinking of selling, this may be
the time to act. COVID-19, is a definite
concern, especially with the increase in cases since Thanksgiving, but many
safety measures are in place, to protect homeowners and home buyers during the
process. Call us, we’ll tell you all
about it and then you can decide for yourself.
Sources: 1.
Existing-Home Sales Rise 0.7% in December, Annual Sales See Highest Level Since
2006, National
Association of Realtors (NAR) , January 22, 2021.
2. Pandemic
Fueled a Rush to Buy Homes in 2020, The Wall Street Journal, January 23-24,
2021 page A3.
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