Find out what’s new in our market, as well as what pandemic travel is like.
When you’re on an international plane trip, you often find yourself with a few free hours on your hands. I decided to use my time traveling to Jamaica to talk about what’s been happening in the Louisville market, as well as share my thoughts about what it’s like flying during a pandemic.
Our housing market is incredibly hot, and some people are even wondering if we’re in a bubble that’s about to burst. Google searches about housing crashes have skyrocketed by nearly 2,500%. When we look at our inventory rates, we see that there are far fewer homes available. Today, homes spend around 18 days on the market; a year ago, they spent around 29. Economists say inventory will grow by around 43% in the second half of 2021, and high buyer demand will continue for at least the next year. Sellers are also seeing a 26% increase in profits for their home sales, and home prices are only expected to increase.
Needless to say, we’re not in a bubble—instead, we simply don’t have enough supply to meet demand. Demand is pushed even higher due to record-low interest rates, which are expected to begin rising throughout the next year. This is why buyers are looking to get a home as soon as possible.
That about wraps up our market update, and now it’s time to talk about the traveling experience. We landed in Miami before setting off to Jamaica, and we immediately saw that there were still many travelers in the airport. People were wearing masks and remaining socially distanced, and the same was true in Jamaica. In fact, the policies in Jamaica’s airport were even better enforced.
After spending about two hours in customs, we got on a bus to head to our resort. We stayed at Sandals Royal Caribbean, and here we discovered a few things about mask policies. Guests were allowed to take off their masks whenever they wanted, but employees kept theirs on at all times. However, other resorts still required guests to wear masks. The country also requires a COVID test three days before arriving and three days before leaving.
Overall, it was a beautiful, relaxing, and safe trip. It’s great to know that we can finally have choices again, and I’m not just talking about traveling. There are many routes to take in real estate right now, and I’d be happy to walk you through them. If you’re ready to buy or sell a home, or if you’d like more information about our market, feel free to reach out to me. I look forward to hearing from you soon.