It’s clear that real estate has weathered the COVID-19 pandemic storm very well up to this point. Some Realtors® are having the best year of their career, but how long can the hot market last? Mortgage rates are expected to stay low and there is a glimmer of hope on the medical horizon with active vaccine trials underway. But virus hot spots continue to rage in parts of the country and fears about a resurgence are always at the back of people’s minds. Despite the significant increase in prices and plummeting days on market, would-be sellers continue to hold back. The area is seeing barely a month supply of homes meaning many, many frustrated buyers. The second quarter of 2020 ended strong for real estate but the perpetual question of what does the future hold remains a focus of all associated with the industry.
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