Still Time to Be Home for the Holidays

 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. 

Too Early to Plan Around the Election?

I've heard a lot of discussion lately about planning real estate decisions vs. a vs. the next presidential election.  While we all realize that speculation is often just that, it is true that people do try their best to suss out what they think will happen to the economy, and therefore to real estate, if one or another person becomes President.  Obviously, many thought that Trump, as a real estate developer, would make choices that would be good for real estate investment on every level.  While that has not been universally true, it does seem true that, even in Connecticut, where 47% of those polled recently said that they were thinking about leaving the State within the next five years, there is a feeling of being better off than four years ago.  Is that because we are four years further from the last recession, or because interest rates and unemployment are low? Or is the scary stock market leading to moving money to "safer" places?  It doesn't really matter.  Real estate seems to be in favor as an investment again.

I've written about the opportunities buyers are finding along the Shoreline, now that hurricane fears seem more distant, and summer family gathering places more important.  I've also talked about the potential for real estate investment, especially in warehouses and flex spaces, based on location, and the type of needs that follow residential apartment expansion.  All of those things are true.  It does seem to me that our market in general is somewhat better than in other places, mostly due to the lack of a run up causing a subsequent downturn.  Whatever the cause, we are behind the curve, as we have been for a long time, and for now that is a good thing.

Should you wait for November of 2020?  It's a long way away.  Weigh your personal life goals against the choices, and make a plan.  Personally, I think there are too many unknowns, and the knowns tend to favor real estate investment now.