North
Carolina in general, and Charlotte in particular, entered Phase 2 re-opening
guidelines on May 22. The guidelines
allow real estate services to be deemed “essential,” and permit the showing of
homes to resume, subject to social distancing, PPE and other precautions. Some restaurants and stores have re-opened at
limited capacity, and judging from my personal observations during the last
week, there is a large, pent-up desire to return to some sense of normalcy in
North Carolina and the Charlotte metropolitan area. Outdoor restaurant seating seems to be in
great demand, popular local craft breweries such as Old Mecklenburg Brewery have seen a
quick and vigorous rebound in business, and there appears to be a huge appetite
for a return to life as it was before COVID-19.
Prior
to May 22, there was speculation and some doubt as to how quickly recovery
would come. But as a broker who
populates the “front lines” in residential real estate activity all day, every
day, it appears to me that the real estate market is no exception to the demand
for a return to normalcy in the broader economy. At the end of March, I saw a dramatic
decrease in business activity, as NC and the country dealt with the shock of
stay-at-home orders and the uncertain dangers of the pandemic. I even saw several pending contracts
cancelled, for fear of the impact the crisis would have on real estate
values. Since re-opening has begun, I
have seen a significant increase in traffic on my
web site,
as well as increases in seller listing activity and buyer interest in moving
forward with home purchases. It seems
obvious that those who are not at high risk of infection have “had enough” of
placing their life plans on hold. The
main purpose of the stay-at-home orders was to avoid overwhelming medical
service providers and hospitals with COVID-19 patients. It is fair to say that this has been
effectively avoided, and while people may be well advised to continue to be
cautious until a vaccine is found, it is probably the groups at higher risk of contracting
coronavirus that should continue to stay at home and limit contact with others.
Judging
from the activity I have observed and experienced in the Charlotte area real
estate market since entering Phase 2 of re-opening only a week ago, there may
well be a prompt, somewhat “V-Shaped” recovery.
People appear to be anxious to
return to work and move forward with their major life plans and decisions—such
as buying or selling a home. The shock
and fear associated with the stay-at-home orders seems to be subsiding. It appears that a substantial portion of the
population feels it is time to “get on with life.” If this continues in the coming weeks, the
Charlotte area real estate market should be able to emerge from the crisis in
very good health indeed.
#CLTrealestate #charlottehomes #CLThomesforsale #charlotteforeclosures #charlotterealestateinvestment
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