CHARLOTTE, N.C. — The housing market can be fickle, hot one month, slow the next. So, what does a change of administration and congress mean going forward?
“Even if it’s not the outcome someone wanted, the certainty of knowing who our President will be increasing demand and confidence in buying,” said Hoffman.
David Hoffman owns the David Hoffman Group, realtors and brokers studying the market trends. Spring going into summer is usually the time to fix up and sell if you want to move. But, quarantine for many has checked that box, so it’s possible the market this spring could be flooded with inventory, a departure from what the market saw in the fall with low inventory and higher prices, basically, it was seller’s market.
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“While in the short run, the pandemic flipped the buyers and seller’s market that we have historically seen in presidential election years, and in the long run, on a macro scale, i expect to see the next 4 years follow the normal cycle of two up, two down one up, one down, so we had our two seller's markets, so now I expect at least one term of a buyers’ market” said Hoffman.
Covid’s effect on the housing market can’t be ignored. Homes were improved, additions were added, people stayed put by and large. So, if you are a buyer, perhaps expect prices to drop and if you are a seller, expect a more competitive market in 2021. It’s location, location, location, and in 2021, timing.