In March, Susan sat down with Arkansas Business to discuss how 2020 changed the real estate market, what to expect this year, and other market trends. Below is the article with the link to the feature on Arkansas Business.
2020 turned out to be a big year for residential real estate. Did that surprise you?
It was indeed a record-breaking year for the real estate industry — and definitely for our agency. In 2020, our agency volume was up 48% over 2019 with exactly the same number of agents. Going into 2020, we forecasted a 25% increase based on the sustained low interest rates, the strong economy and forecasts from Lawrence Yun, chief economist of the National Association of Realtors.
When the COVID-19 pandemic began in the United States, we couldn’t tell what was going to happen for the first 30-45 days. By early May, however, it was clear that the market was responding very aggressively. A diminished selling inventory began to shrink even more.
We found that about 1 out of every 4 of our homeowners wanted to buy a different home to better accommodate their family for at-home life, work, school and play. That was a game changer in every way possible.