The often called 'Covid Driven' real estate market just may outlast covid 19. As this market continues to both amaze and scare all persons involved, one can't help to wonder if and when this market
This Crazy Pocono Real Estate Market - Is it here to Stay?
Dated: October 26 2021
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The often called 'Covid Driven' real estate market just may outlast covid 19. As this market continues to both amaze and scare all persons involved, one can't help to wonder if and when this market will reverse its course. Looking back to the last boom here which ended with the so called 'predatory lending' market bubble bursting, I remember us all kind of 'knowing' that that market was sort of out of control and possibly a bit ficticious as buyers would consume properties, wait 3-4 weeks and put them back on the market for 20-30k more AND sell them again. It just didn't seem sustainable and the fall guy for that bursted bubble was all set and ready to go by way of the mortgage industry and so it did take its much expected dive.
Fast forward to today and recalling last year after the state allowed the real estate sales force of this state to get back to work it seemed like almost the proverbial Flood Gates opened and buyers poured in from all over consuming leftover inventory from the 2019 and possibly even 2018 markets as well as ALL incoming inventory. By the end of last year we found ourselves asking the questions again...When will this market slow down? Reverse? Stop altogether? In late 2020 we speculated how and when these slow downs or reversals would occur and most of the folks I talked to felt that 2021 would be the last year to enjoy this high priced market. Now I sit here in late October 2021 and looking back at the occurences of the market in 2021 one thing that is clear to me is the very real possibility that this market along with these prices may very well be here for the foreseeable future. Reading articles about hedge funds, investment firms and even Zillow acquiring large blocks of homes across the country combined with the steady and continued growth of the market pricing (not to mention I do not foresee and bubbles to cause this to reverse as we had in place in 2007 with the derivative markets) makes me believe that this may be here to stay. Good for homeowners, not so good for those who need to rent as this market has caused the area rents to escalate through the roof IF you are fortunate to even find a house available to rent fulltime.
In summation as Covid drifts into the past of our lives, the opportunities that exist for buyers here in the Poconos to be able to manage their own short term rentals, escape the city life if even for weekend jaunts to the Poc's and the very real changes that occured in the 'going to the office' being replaced with the 'work from home' arrangements seems to be more than enough firepower to keep this Pocono Real Estate Market alive and Thriving for the foreseeable future.
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Rick Cordisco
Broker / Owner Pocono Mountain Lakes Realty with 3 Offices Conveniently Located From the Foothills of the Poconos to the Northern Tier of the Poconos. Blakeslee Office - Jack Frost / Big Boulder Reso....
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