As I have written before, the strength of the market during this pandemic has surprised us. Once we all figured out how to handle transactions in a time of COVID, real estate began to outperform most other industries. That doesn't mean that it's business as usual, though--in fact, we are predicting that the fall will be better than normal.
Why would that be? First of all, the market took a pause in what is traditionally the busiest time of year. This spring was slow, very slow, for a few weeks, and that pent-up demand has been spreading itself out over the remaining months of the year. It's a seller's market now, which means that demand exceeds supply. That translates into showings and offers for everything that comes on for sale. Theoretically, it's easier to spur listings than to convince people who don't want to buy to purchase. Sellers want to sell for all different reasons at all different times of the year. They have often waited until spring, because they thought there would be more buyers then. This year, the buyers have stuck around, waiting for product, so sellers can choose to list now, and sell in the fall, and eager buyers should snap those homes up.
The second factor would be the desire to find a perfect "nest" for a possible winter lockdown. Especially for those working from home, the need to have a good place to park oneself has spurred looking at new places. Given the demands on the construction industry, and the disinclination among some to have workers inside their homes, buying what you want and selling what you don't seems simpler. More time to browse the internet has increased interest at most levels of the market. And the net is wider--New Yorkers are now competing for houses here, with outside space and commuting potential.
Perhaps the most important reason for the surge is the current cost of financing. For those with good enough credit to borrow, there may never be a better time to buy. Mortgages have occasionally even dipped below 3%. When I compare that to my first mortgage, a specially CT-subsidized offering at 17 and 3/4 percent, I rush to urge my kids to go get one! Since they are now renters, I need to add that pool of prospective buyers to the current group, because it's now cheaper to own in our area than to rent, proportionately.
What are you waiting for? Call your agent today, and sell or buy post haste!
