As we head into Memorial Day weekend--the traditional start of summer (which this year has one extra week between now and Labor Day!)--we can all take a deep breath. Connecticut, the last state in the country, along with Massachusetts, to reopen, is beginning to do so. Many of us have enjoyed a meal outside in the sunshine, walked in a park or on a beach, or gone shopping. Although we need to do so cautiously (and wear those masks!), we can begin to assess the damage of the pandemic. And also to judge what may remain the same.
Real estate is just that--real. People want it, they want to own it, and they will borrow to do so. Now more than ever, many want to live in less dense places. This is favoring small cities and suburbs. Surprisingly, we have more open space here than one would think. 60% of Connecticut is forested, and that's without counting agricultural land, recreational areas, and wetlands. Our appeal to urbanites in the very biggest cities of the Northeast is immense. We offer proximity and shelter, telecommuting possibilities and open space, easy transportation and recreational choices galore. What could be better?
That is translating directly into the (delayed) spring market. If we have a listing, we get leads, calls, and showings. Most things are selling quickly, even if they have been around for a long time. The upper end is strong, for second homes, transferees, and even downsizers. The lower end is hot, with first-time buyers bidding on whatever they can afford. There has even been a surprising benefit to the COVID lockdown. People look less, and decide faster. They do their homework, and then they act. A couple of years ago, those same buyers would dither, waiting to see what else would come on the market, or go down in price. Now, prices are going up. Supply is largely responsible, since it is so limited. Even rentals are competitive, and sometimes lucrative for owners.
Whether buyers want to live here all the time, or just have a place to shelter in, the next time that becomes necessary to do, they are looking to Connecticut as an attractive choice. And we certainly are!
