I’M JUST GONNA SAY IT, it’s a seller’s year. The number of houses available on the market has been at a record low—the lowest it’s been since they started tracking it in 1982. My friend who lives in a bedroom community of Boise, Idaho reports that the average length of time a house in her neighborhood stays on the market is six hours.
You read that right. Let me say it again.
Sells in six. Hours. 20 miles outside of Boise, Idaho. And the market in the Pooler/Guyton/Savannah region is every bit as hot, if not hotter.
So what is causing this housing shortage?
There have been a few factors, the first being the obvious one: the pandemic. Whether financial insecurity or health concerns, homeowners were reluctant to move last year. Now, however, with the vaccine finally being widely distributed it feels like there’s a light at the end of the tunnel. Many people who have been stuck in limbo will enter the market later this year as they feel more comfortable with job security or showing their house in person.
The second cause is the economic crisis, which is also related to the pandemic. Experts don’t anticipate a large number of foreclosures coming into the market, as there have been forbearance options given to homeowners throughout the pandemic. That being said, there are homeowners who were already in foreclosure prior to the pandemic, or who failed to take advantage of the forbearance options. In those cases they may decide to just sell their homes rather than going through the foreclosure process, especially with the equity in homes today. With the huge price gains in homes, even in a distressed situation a seller can potentially have some cash left over.
And finally, construction had slowed over the past year. With difficulties in COVID testing on job sites, it was increasingly difficult to not have major time setbacks in job completion. In 2021 the National Home Builders Association anticipates that it will be the first year where total single-family construction will exceed 1 million starts since the Great Recession. With more houses being built, homeowners looking for new houses will be able to move, which will open up their homes to hopeful buyers.
So really, 2021 is looking up. If you’re looking to sell, there are plenty of eager buyers. And with fears of the pandemic beginning to ease and new homes being built, there should be opportunities if you are hoping to buy. Contact a local Georgia real estate agent to discuss how you might benefit from local opportunities in your market!
Pooler | Bloomingdale | Ellabell | Pembroke | Guyton| Rincon | Springfield | Richmond Hill
Chatham County | Bryan County | Effingham County
Coastal Georgia Real Estate and Rental Homes
Proudly Serving : Fort Stewart (Hinesville) and Hunter Army Airfield (HAAF Savannah)
Michelle M Tucker | !Daley Real Estate | GA Real Estate License #297541