New York coronavirus exodus fuels Maine real estate boom

New York coronavirus exodus fuels Maine real estate boom

"Prospective renters and buyers were desperate, according to brokers on the front lines. “People have called and said, ‘Get me any house in Maine,’ ” said Gwyneth Freeman of Better Homes & Gardens, The Masiello Group. A strong economy and low interest rates made 2019 a historically good year for Maine real estate, resulting in 40 percent less inventory in 2020. When frantic out-of-staters began looking to escape the pandemic, housing demand exceeded supply, pushing prices up and accounting for a large volume of closed sales."

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By gorey.

Real estate prices are about to drop 10%

Real estate prices are about to drop 10%

"The wholesale disruption of COVID-19 is taking a toll on the real estate market. A new survey suggests that offices will remain under capacity for months, retail and hospitality will continue to struggle, and, despite some increases in single-family home values, real estate across the board will see its value fall around 10% next year. These are some of the main findings of “Emerging Trends in Real Estate 2021,” a new report from the Urban Land Institute and PwC."

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I've been wondering whether or not the industry would start to get nervous about the impact of COVID on real estate markets and prices. Here's a large-scale study based on interviews with professionals that sees significant negative impacts, except perhaps in suburban residential property.