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Which is scarier? Halloween or the election?

So it has been awhile since my last post but…….. THESE ARE CRAZY TIMES WE ARE IN! The real estate market is in a state of flux. The seasonal aspect was obliterated this year i.e. spring market – summer lull – fall market. That, plus, entered into a partnership with Adrian Price. While keeping our tradition of dedicated service, we changed up our ability to serve our clients. We have a new web site, logo, customer management system, transaction management system AND remodeled out office.  Bottom line 2020 = crazy busy.
We have had the Presidential election which usually provides a measure of uncertainty and always has people on edge. Still ongoing as I write this. Soon……… Equally as important, Covid-19 has had a huge impact on the market, not only with an increase in activity but in how we conduct business. A few years ago, people were migrating to the cities to take advantage of proximity to work, shopping, cultural events, and more. The reverse is now in effect. There are boatloads of cars from NY as people are escaping the big city in droves. The number of people working remotely has quadrupled to nearly 50% of the workforce. 56% of hiring managers felt the shift to off-site working went better than expected, 60% of managers noting their employees would continue to do so. This means people need home office space. 25% of renters are likely to move as a result of the pandemic. Shortage of inventory has lead to a significant increase in pricing, at least in the lower price tags of under $600,000.
While new construction is getting more attention, delays are very common due to supply shortages and the costs have increased a lot.
People are e-signing documents. Closings seldom take place in person and most are “drive-bys”. Well priced homes last just days on the market. Sometimes buyers are signing offers before they even leave the property. Multiple bids are commonplace as well as over asking price offers.
Interest rates appear to be staying low for the near foreseeable future. Interesting stat….People are staying in their homes longer. The median tenure is now 13 years up from 6 just 25 years ago. Multigenerational homes are also a consideration not only with adult children living at home but aging parent/s in in-law situations.
Everyone’s situation is a little different given finances, personal housing needs, future plans, and more. Give us a call at 203-453-2145 or stop by at 1100 Boston Post Road to discuss your personal situation. Coffee pot “Keurig” is always on.
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