One Year Later

Many publications are marking the one-year anniversary of the pandemic's start, so here's ours for Greater New Haven real estate.  Connecticut shut down earlier, and more fully, than most other states, so we immediately felt the effect.  While our offices were forced to close until March 23rd, many things were cancelled or postponed right away--except closings.  Attorneys and lenders pushed to get those sales through before the "lockdown", and they largely succeeded.

After that, our offices were largely shuttered until July.  Some agents worked, some did not.  Few had showings at the beginning, and there were no open houses.  New listings slowed to a trickle for those first few months.  Once the weather got warm, and the infection rate declined, things changed again.

We started to see a movement toward open space, yards, home offices and gyms, and the suburbs, beginning in the second quarter.  While most who moved out of NYC were choosing Fairfield County, we did see some sales, especially for vacation homes.  What we also saw were local buyers, moving into space that they could work and live in, for the foreseeable future.  

When the lack of listings combined with the demand for more space, the market heated up.  Prices began to rise, and multiple offers were legion.  Even relocating buyers from other parts of the country, whom we thought were gone, jumped into the action.  Soon, we were selling almost everything we could list.

The third and fourth quarter saw a continuation of that increased activity, with each month outperforming its corresponding month from the year before, and no typical seasonal slowdown.  We worked right through the holidays, and are seeing strong demand as we head into what would have been the typical start of the spring selling season.

Low interest rates, stimulus checks, and continued employment for many have added to the mix.  It's a great time to buy, and our prices are still lower than in many other regions, leaving room for appreciation, even at a higher sales price.  

When will the party end?  When we run out of product.  Just as a social gathering can wind down when the refreshments run out, we need more to sell, if we are going to continue to satisfy buyers.  Connecticut is still third on the list of outmigration states, so people are leaving.  Let's hope enough of them sell property here to keep up  with the demand caused by household formation, upsizing, and transferring in to our beautiful region.  

March Through July Sales 2019 vs 2020 : New Haven & Shoreline County

 

 



Business Not as Usual

We certainly understand that not all sellers will choose to allow buyers to view their properties.  However, for those who are eager to sell, and who can work with us to keep everyone as safe as possible during this difficult time, there are actions we can all take to make the process as sterile as we can. I want to thank my real estate friends in Nashville, for passing along this checklist as a guide to sellers, and as information for buyers to understand before going into a home for sale.  

Seller Baskets include: 

Hand wipes

Bottle of counter cleaner or counter wipes

Respiratory blend essential oil for the seller to use

Shoe covers 

Gloves 

Ribbon

Signage for home

Signage posted in home and listing instructions are as follows:

• Please do not touch countertops or open drawers. 
• Please leave lights as you found them.  Do not touch switchplates. 
• Please do not use toilets. (include ribbon in seller basket to tie around toilet seats) 
• Please wipe hands before and after touring. Gloves are also here for your use but please still do not touch countertops or drawers. 
• Please wipe door handle upon leaving. And take your dirty wipes, shoe covers and gloves with you.
• Shoe covers can be used as a temporary face mask if you wish.   

Thank you for respecting this home.

****In addition, remind your sellers to wipe down countertops and all door handles to every room after every showing

Coronavirus and Real Estate

With the announcement from the WHO that COVID-19 has reached pandemic status, we are all thinking about safety, prudence, and how to conduct business.  While advice and information is changing day by day, there are certain things that we can all do, and on which we can all agree:

--We all want to keep ourselves, our families, our associates, and our clients safe;
--No real estate transaction is worth risking the above goal;
--While we want to be safe, most of us also want to avoid panic;
--Washing hands frequently with soap and water is probably the best way to prevent infection;
--Staying home when you are sick is very important;
--Practicing "social distancing" is something that can't hurt;and
--No action is guaranteed to help or hurt, so we need to use judgment and courtesy.

Having said all that, I want to add a few points specific to real estate and real estate professionals:

--Use common sense, and know that you are not expected to put yourself or others at risk;
--Talk to sellers about what protective equipment they wish to provide for showings (gloves, booties, or other protective equipment), or whether they wish to suspend showings for the time being;
--Screen sellers and buyers the way health care and other agencies are doing, by asking about symptoms and recent travel to highly affected countries;
--Keep six feet between parties, and use separate cars when you are uncertain of risk factors;
--Talk to buyers about protective equipment they may wish to bring and use for viewing properties;
--Bring gloves for yourself, and spares for clients, and use them on surfaces where germs could congregate;
--Carefully and frequently disinfect your car, your phone, your laptop, and other equipment that you may share with others;
--Work from home if you have symptoms, and self-isolate if you are concerned about having contracted the virus;
--Contact your managers if you have questions about any specific request or situation;
--Practice self-care:  get enough sleep, exercise, healthy food, and relaxation to remain healthy and calm;and
--Put this all into perspective, and remember that buyers and sellers will emerge again when the risks have abated, and be glad that you are not an airline exec, a restaurant owner, or anyone else whose business cannot wait until healthier times return.

We all are hoping that this stressful time will pass quickly, and it's important to remember that we are all in this together.  Be kind to others, and practice the Golden Rule.