Your New Neighbor May Be from New York

 My new next-door neighbors are from New York.  They just moved in, and they are planning to telecommute from the shoreline. They have high-level jobs that can be done remotely, for the most part. They have little children, and no idea what schooling will be like in the near future.  They have bicycles, a boat, a pool, and a new second car.

My husband and I also have one adult child (accompanied by a boyfriend) sheltering with us.  They are also telecommuting from New York, with good jobs, now being performed remotely.  They aren't sure when their offices will reopen, nor whether they will soon--or ever--have to be physically present in those locations.  They have new exercise routines, new athleisure wear, new cooking accessories, and new disposable income from no rents, no bars and restaurants, and no travel.  They have started looking at houses online, and near us.  Many people we know have similar stories.

Our friends, many of whom are retired or working remotely, are planning ahead to spend time in another part of the country this winter, if they haven't already decamped to a vacation home.  They are renting for months at a time, and testing out possible retirement locations. Rather than use hotels, or try to travel, they are opting for staying put elsewhere, to have a change of venue safely.

You may have relatives, friends, and neighbors like this as well.  Over 10,000 New Yorkers changed their addresses to Connecticut in the second quarter of this year alone.  Anecdotally, we are seeing lots of real estate activity from out of state, and many NY license plates on the roads.  We all know that the pandemic is current, but it's somewhat of a surprise that more permanent choices are being made so quickly.  It's been great for our business, and it will be good for Greater New Haven as well. New Haven proper, although a city, is low in density compared to other places, and remains very attractive for those who want both proximity and outdoor space. After long years of population decline, it's nice to be trendy again!

What does this mean for the real estate market in our region?  Supply, which was already slim, is even tighter.  Prices, which were inching up, are moving more quickly in that direction.  Time on the market is declining.  All of this puts sellers in the driver's seat, and advocates for selling--or even renting for a season or a year--soon.  

Reopening Connecticut Real Estate

We don't have to actually reopen Connecticut real estate.  Due to our protected status as an essential industry, we have been allowed to operate all along.  Although we have decided to reopen our offices slowly and carefully, with no walk-in clients for now, and limited office hours, we have kept selling throughout the pandemic period.  Our showings have lessened, there are no public open houses, and most of our activity is done remotely, but demand has been strong.

Especially in New Haven, where people who already had job offers for this summer and fall are looking, there is much more demand than supply.  Due in part to some of the neighborhoods and their open spaces and larger lots, density has not been the issue that it has been in larger cities.  Convenience and closeness are ruling the day, and we can sell whatever we can list in the parts of New Haven near Yale.  

The suburbs are also popular, especially with younger families, and buyers of second homes.  The latter group is driving up the average sales prices.  Again, we can sell what we can list.  It's hard to think about moving in the early stages of a lockdown, but people are figuring it out, and are ready to go when they can.  The mild winter also helped. Prices are strong, due to limited supply.

 Now that more restrictions are being lifted, we expect to see an added month (or two or three) added onto the spring market.  Closings can happen quickly, if everyone is motivated to do so. If you are one of the sellers who thought that no one would buy now, it's not too late to list!  

Be Open to Listening to Your Realtor

We all know that lots of people don't listen very well.  It's also true that sometimes others talk about things without knowing much about the subject.  And sometimes, you may know more about something than the person who is trying to educate you.  However, most of the time when you hire an expert, you do so because you are interested in what they have to say about their field of expertise.  Part of why you have engaged them is so that you can benefit from their knowledge, even if all you are doing is confirming your own hypotheses.

As Realtors, our job is to give people the best advice and information we have about how to sell or buy a property.  What we tell others comes from experience, from "inside" information from within our companies or our industry, and from the collective wisdom of those in our firms and contacts.  It may not always be correct, but it usually has some data points behind it, and it is gathered and disseminated with the best of intentions.  Often it is more up to date than what is available through public records, or even appraisal firms.

Therefore, it's always surprising to us that people who come to us for help then ignore advice, or even argue with us.  I've been working in real estate for a long time, and the following have all been said to me within the fairly recent past:
"I'm going to tell you what we should do, that I heard from a person next to me on a plane yesterday, but I don't have time to listen to your answer";
"You might learn something about your field from me";
"Do you have anything to say that is worth my listening to?  I'm busy doing something else right now." (This from a person who picked the time of the call).
"I hear you, but I'm depending upon the statue of St. Joseph that I buried in my backyard". (This house did sell.)
And the most common:  "This isn't what happens in Austin/Boston/Charlotte/Denver...." or "I've done this before, and you need to ask more and leave room to bargain" or "offer less, and leave room to bargain".

You get the idea. One of our key tasks is to listen closely to your wants and needs, so we aren't asking you to do anything we shouldn't also be doing ourselves. We don't claim that we are infallible or that we have all the answers, but it's usually worth listening to your Realtor, and being sure that you heard what he/she said, and not what you wanted to hear, before you decide that you know better.  We do have recent market data and statistics, lots of experience, and are clearly vested in the success of the transaction, since that's how we get paid.  The final decision is always yours, but it's best to make it with the most professional input at your disposal.