2020 & 2021 Regional Real Estate Market

Okay….my opinion that is shared by quite a few in the real estate industry. There are obviously many sides to the coin here, optomistic views, skeptical views then there are the fear mongers.

We will see a rise in foreclosures in certain areas, mostly heavily populated areas with high taxes and cost of of living, i.e West Coast, New York and surrounding areas. History repeats itself…follow the patterns in financial challenges that our country has faced. We will see these areas have increased inventory and foreclosures which will reduce values but by the time this happens people have already started making shifts to other states that are more affordable.

Texas, Nevada, Arizona, South Carolina, Florida and a few other choice states will see an influx of people searching for work, affordable housing, and a lower cost of living that will support their lifestyle.

2020 isn’t going to tell us much but as we close the year out, we will have some signs showing which states are going to have greater challenges vs others. In 2021 we will see the outcome from the “virus”, unemployment, businesses closign their doors, homes owners optioning to not pay their mortgage (forbearance) and everything else that we have been facing since March 2020.

Overall stay positive, focused and working hard!! Do not get caught with your guard down and if you feel like you have been caught? Don’t sit on your hands, stand up and fight the fight!! #letsgo