Housing market booms despite global pandemic

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BECKLEY, WV (WVNS) — Rachel McAllister is a teacher, but sells homes during her off-time. This year, that second job was lucrative

“This has been a really good year for real estate for me,” McAllister said.

It may be a global pandemic, but the housing market has not really taken a hit. Business is booming, according to President of the Beckley Board of Realtors, Tim Berry. He said interest rates are responsible.

“Interest rates are at an all time low. In fact, they were just lowered again last week,” Berry explained.

Berry said older, retired couples, are choosing to downsize, after spending more time at home during the pandemic.

“Single level homes are certainly the biggest request we get. Three bedrooms two bath single level, that’s our biggest request,” Berry said.

Meanwhile, virtual school and remote work made other families realize they outgrew their home. McAllister said she noticed a lot of her students graduate and become her clients. Berry said he can see why.

“When you pay $600 a month for a two bedroom apartment, when you can buy an 80, 90, 100 thousand dollar a house for $500 a month, you’re going to have to look at that more seriously,” Berry explained.

Although business is great right now, Berry said he expects a shift in 2021.

“The foreclosure market. There are some folks losing their homes because of the pandemic,” Berry said.

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