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    6 Surprising Realities About the Real Estate Market Right Now

    Think back. Way, way, back to March, when we were all just learning about COVID... Every hour, there was a new update about...

    • Kathy Toomey
    • August 31st, 2020
    • 3 min read

    Think back. Way, way, back to March, when we were all just learning about COVID...

    Every hour, there was a new update about the virus, a new round of stay home orders, and lots of predictions about how the economy would weather a pandemic. Back then, there was reasonable concern that the real estate market would crash. The uncertainty made it difficult to even imagine what would happen in the coming months if you were looking to buy or sell a home.

    Fast forward to now. No, there hasn’t been a 2008-level crash. In fact, the real estate market is still going strong in many markets. Yet, there are some very big (and surprising) trends going on in our “new normal.” Here are the top six:

    ONE | Inventory is still very low

    The pandemic basically cut off the spring market before it could really get underway. Few wanted to open their homes to prospective buyers — though the rise of virtual tours made it possible to have the most socially distant open house ever. Still, with the uncertainty of the job market, ever-changing hot spots, and the difficulty of doing all the normal stuff to prep for a sale (decluttering, staging) during stay-at-home orders, only the most motivated sellers listed.

    TWO | Interest rates remain low

    One of the first big headlines of the pandemic, when it came to real estate, was when interest rates were slashed big time. Of course, many took advantage by refinancing their home. As months passed, though, the continued low-interest rates motivated prospective buyers to enter the market and enjoy the savings.

    THREE | There’s a lot of competition if you’re a buyer

    It’s not just locals in your market. The shift to remote work means that many people can move to an area they love, not one that is convenient for a commute. Often, these are high wage earners who can afford to submit an offer above asking price — especially if they sold their home at the right time or in a pricey market.

    FOUR | Homes are selling very, very quickly

    When there are fewer listings and plenty of buyers, your dream home may be a blink-and-you’ll-miss-it opportunity. 

    For buyers, this means that you should be preapproved (not just prequalified) in order to get your offer considered. For sellers, you may have a little more leeway on things like condition and contingencies.

    FIVE | Prices have climbed

    All of the above factors have pushed prices higher in most areas. In fact, 96% of cities saw home prices rise between April and June. Markets that didn’t see the same growth were generally ones that had completely shut down during that time (like New York City).

    SIX | Folks are leaving big cities

    While most cities are experiencing the same issues of low inventory as sellers hesitate to put their homes on the market, there’s one huge exception: big cities. Part of the reason is due to the big tech companies ordering employees to work remotely during the pandemic (and perhaps indefinitely). The other contributing factor is that prices tend to be extremely high — so if you don’t have to pay the premium to live close to your workplace, why not live somewhere else? In addition, there's a very high population density, which isn’t the best thing to have in a time of social distancing. 

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    About the author

    Kathy Toomey

    828-817-0942
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    **Your Trusted Guide in Western NC & Upstate SC** Looking to buy or sell in the beautiful Western North Carolina or Upstate South Carolina region? You’re in good hands with Kathy Toomey. With over 19 years of real estate experience, Kathy brings not only deep market knowledge but also a calm, steady hand throughout the process. Her background in Finance and Human Resources gives her strong negotiation skills, a detail-oriented mindset, and the patience needed to help you reach your goals—on your timeline and within your budget. Kathy knows this area inside and out. Whether you're searching for a quiet mountain escape, a lively downtown scene, or something in between, she’ll guide you through each unique neighborhood and keep you informed on local trends, hidden gems, and what makes each community special. She’s also all about results. Sellers benefit from customized marketing strategies and expert staging advice to help homes sell quickly and for top dollar. Buyers gain a trusted advocate who listens first and navigates the market confidently to find the perfect fit. Outside of real estate, Kathy is an active community leader and proud local. She currently serves on the Hendersonville Board of Realtors and is a past president of both the Carolina Foothills Chamber of Commerce and the Tryon/Polk County Board of Realtors. A long-time volunteer and past Treasurer of Foothills Humane Society, she’s also a proud pet foster and adopter. As the owner of New View Realty LLC, she’s a strong supporter of local events and nonprofits—because community matters. **Recent Honors:** * *Favorite Realtor in the Foothills*, Tryon Daily Bulletin, 2024 * *Tryon Citizens of the Year*, 2023 (with husband John) * *Volunteer of the Year*, Carolina Foothills Chamber of Commerce, 2013 **Professional Designations:** ABR, CRS, ePRO, GRI, PSA, SFR, SRS **Let’s Get Started:** Whether you're buying your first home, selling a longtime property, or dreaming of something new, Kathy would love to help. Reach out today for a friendly, no-pressure consultation—and discover the difference a dedicated, community-focused Realtor can make.

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