The Covid-19 pandemic has changed our world and how we operate in our day to day lives. Schools, businesses, and life a we knew has taken a drastic turn, as many have suffered losses from life to finances. What effect has that had on the Real Estate industry?
In the beginning stages of the pandemic my team and I saw a drastic drop in homes that were listed late March and early April. One would imagine a lot fo homeowners were fearful of having strangers in and out of their homes during a pandemic. Meanwhile with interest rates still as low as they’ve ever been, buyers were still out and working to secure an ideal property. As time has gone on, the number of new listings has continued to be slim while the rates held steady.
Throughout the summer we’ve seen many multiple offer situations, which to many buyers has become the norm. Ive also seen and spoke with many colleagues whom said they’ve had many buyers from New York City and Upstate New York moving to Connecticut. Its estimated close to 20,000 people have submitted mortgage applications to purchase in Connecticut. This undoubtedly has pushed our market into the place it is competition wise. We are starting to see. slight slowdown of new listings and homes coming onto the market, but the amount of buyers have held steady.
So whether you’re looking to buy and/or sell a home, it is still a good time to do so. My team and I have helped many buyers and sellers through these trying times and took all the health precautions we could. We are still helping our clients buy and sell during this time and would love to help you if you have a need to do so.