History is NOT Repeating Itself
Historically, the local real estate market is flat in presidential election years. However, in this pandemic world, this market is being redefined overnight. Many brokers who have been here for twenty, thirty years (myself included), have never seen the feeding frenzy for properties that is occurring now. One afternoon, I listed a house for over one million dollars at noon, and by five pm, I had three offers with one over the listing price. Other brokers are receiving multiple offers as well. One property had eight offers in one day. What is happening and why??? Here are the reasons that I believe our local market is strong and will continue to be stronger:
1. People are concerned about staying in the cities and having to ride out a second lockdown and/or rioting in densely populated areas;
2. Less people will travel by air and will want to drive to a second home that is closer. This new form of adventure allows one to experience a lifestyle in the safety of one’s own home and community with amenities;
3. Larger homes are being viewed again as desirable as they allow more room for home offices and sheltering activities;
4. Work from home and flexible work schedules provide today’s worker the ability to be in their second home connecting to work by zooming away for meetings;
5. Young adults, who have experienced Highlands and Cashiers in their youth and who now have the flexibility to work from this area which they love, are looking to buy their own homes for the space and privacy for their families instead of imposing on their parents for just a weekend;
6. This area-with wide open spaces and lots of outdoor activities is perfect for social distancing and staying active as well as perhaps the safest area on the planet;
7. Downtown Highlands, known for its walkability, five star restaurants, world-class shopping, art galleries, theatre and other cultural events is a magnet for people yearning for the good ‘ole days of Norman Rockwell small towns;
8. Highlands will continue to adapt to future changes, but the local population will insist the history and preservation of this small-town atmosphere will endure.
This market has turned into a sellers’ market overnight so buyers beware. If you find a property that suits your needs, do not delay in making an offer as you may likely lose it. The buyers we are seeing are very fine, high quality people who will be assets to this community. We welcome them all!!
Happy July Fourth without fireworks, but know that the local real estate market is on fire!!