What happened to our real estate seasons?
They are gone.
There was barely a Thanksgiving, Christmas, or New Years pause this 2020 holiday season. Though the real estate inventory didn't dip as low as I have seen it in the past, it did dip to very low inventory levels. Buyers were out and about to grab interest rates below 3%, lest they disappear, even though it is predicted that they are supposed to remain with us for a year or two more.
Our Sereno Founder and CEO, Chris Trapani, recently illustrated what has happened to the real estate economy, by forwarding the following information, clearly the simplest explanation I have seen:
Scott Galloway, NYU Stern School of Business is someone we follow closely.
This graph in Scott's "2021 Predictions" really grabbed my attention this morning and truly affirms what we have been experiencing in the residential real estate realm for the better part of 2020.
Galloway explains, "Working from home is the dispersal of work. Covid-19 has mobilized a trillion-dollar reallocation of capital from commercial to residential real estate. The capital and time we once committed to offices and commuting will pour into home improvement. The carpet that looked sad and old pre-pandemic is now intolerable, and your TV is not complete without a Sonos sound beam. Both plywood costs and residential real estate market prices have hit all-time highs, and will continue to ascend."
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