The State of Real Estate in WNC

Currently we are in phase 2 of the stay-at-home orders in NC.  Many, if not most, businesses are open with certain restrictions and social distancing.  People are encouraged to wear masks in public.  Restaurants may open with restrictions for indoor dining, but some restaurants have not tried to open yet.  Many restaurants are still serving carry-out, and drive-in windows are open.  In Haywood County we currently have 48 cases of Covid 19 with 23 cases already recovered.  NC has 22,725 cases confirmed with 11,637 recovered and 737 deaths.

Real Estate, although still very active, has slowed due to the stay-at-home restrictions through much of April and May.  In May of 2019 we sold 116 homes and condos.  This year in May we sold only 65 homes and condos representing a 44% decline in home sales.  No only have the stay-at-home orders slowed sales, many clients living in their homes removed their homes from the market, as they did not want showings due to the virus.  Inventories were already on the low side before the virus.  With some owners removing their homes from the market, and other potential sellers waiting for the virus to wane before marketing their home, this placed even more pressures on inventories.  With inventories remaining very low, sales prices have remained very stable, or even increased.

Also mortgage rates have dipped to 3% on some federally-backed home loans.  These are historically low mortgage rates.

What is the bottom line?  If you are thinking about selling your home, or thinking about buying a home, now is a great time for real estate.

Call us for an appointment to look for that dream home, or give you a market analysis on your home if you are considering selling.