Today is Veterans Day, and that marks, for us in real estate, the beginning of the rush toward the end of the calendar year. There are about seven weeks left, and that's just enough time to buy before December 31st. But not with too much time to spare!
As we've often posted, transactions can proceed more quickly in this season. The holidays won't be the same this year, but that means that more people can move, because they won't be giving or attending so many parties--hopefully not any. Days off at this juncture--and many people saved vacation days and then couldn't use them, so need to take them now--can be devoted to packing and unpacking. Long weekend days, that used to be full of errands, brunch, gyms, and shopping, can now be used getting a house ready for inspection, or for decorating your new home.
This year in particular, buyers who have been waiting should be motivated to act now, since restrictions on activities have been increasing, not loosening. If you are going to be in lockdown, or working/studying from home, don't you want it to be in the home you've been craving? Get the space you need soon, so that you can enjoy it in the months ahead.
Real estate is almost alone among industries (except, of course, for delivery services) in having a boom year. Don't expect that you will get a bargain, even as the traditional selling season wanes. Supply is very short--about one month in most of our New Haven/Middlesex region. That means that you should jump on anything you see that meets your needs. Consider not just what you think the "market price" should be, but what it's worth to you. With all those extra hours at home, you can amortize the cost of your new home easily. In addition, with such low interest rates, you will be able to buy more at the same monthly payment amount.
Many people sat on the sidelines for the past few weeks, mesmerized by the election. It's over, and the year is almost over also. It's time to find, if not your forever home, your pandemic place. It's out there, waiting for you to make it your home for the holidays.
