Happy New Year to Everybody!
So glad that 2020 is behind us and lots of prayers and mental positivity for 2021. I thank David Lucas for the exceptional job he did as the 2020 BAR President. Our industry was deemed an “Essential Service” due to David Lucas’ forward-thinking. If you received a 1099 this year, you should raise a glass to the man.
For economic indicators for the upcoming years- I heard from the Head of the Federal Reserve Bank in Atlanta that they would continue to operate on a 0% through 2023. This is amazing and encouraging and, in part, is a big reason interest rates remain so low.
Inventory remains low, continuing to drive a seller’s market: buyer urgency, pricing, and days on the market are far exceptional on the listing side. As you know, the three legs of the stool in real estate are condition, location, and price. In a regular market with the legs in balance, a sale occurs. Even during a Covid-19 market with a significantly reduced inventory, the ‘three-legged stool’ analogy remains. If homes are on the market for elongated periods, then one of the three legs is shorter, leaving that property on the market a bit longer.
Last but not least, I would like to thank the staff at the Association for being nimble and able to pivot on a moment’s notice to work from home while still providing our members the benefits and the level of service that we aspire to deliver.
I wish you much success in 2021.
2021 BAR President