Here's a Crazy Thought: Let's Move During a Pandemic!

When the pandemic began, we were very uncertain. Here in Connecticut, 22,000 people lost their jobs, small business owners struggled to survive, people were hiding in their homes to avoid a deadly virus and we in real estate thought, who in the world will move under these conditions?

Then 20,000 New Yorkers left the city for CT! These were working people with families, who brought their buying power into communities and current residents, many retired, sold their properties because, with low inventory, prices skyrocketed. Who could resist? There is so little inventory and so much demand in some areas that sellers were (and are) asking absurd prices and buyers are paying them. One community went up 30% in some price ranges in only a few months.

Now, more than half of the jobs have been restored and many have started small businesses to make ends meet. With Real Estate helping lift the CT economy, how is it functioning? Well...not smoothly. But with a skilled agent, navigating the market is very possible. Sellers need to tolerate having sometimes 20-30 buyers coming through their homes. The buyers are masked, often gloved, they take off their shoes and any surfaces they touch is wiped down. Still, cleaning a home thoroughly after showings is prudent.

To help limit the number of in-person views, we are putting as much information on line as possible: professional photos, 3D tours, and floor plans, to name a few. But with inventory so low, many are willing to accept a variety of homes, even ones they would have skipped previously. For this reason, we are still getting large numbers of buyers viewing properties in person. They want to “just see” if it will work for them, and these homes often do!

Sellers are also selling their homes to multiple offers (sometimes 15-20 or more!) only to have the buyer experience buyer’s remorse, having offered $20,000 above the asking price, or to have the buyer furloughed before close and not be able to obtain their mortgage. There was a period when buyers were placing offers on multiple properties, getting more than one accepted and holding on to the properties through inspection before deciding which to purchase! Asking the right questions at the onset can help, but sometimes it is just a matter of patience. To get the highest price in this market and to reach the closing table may take more than one buyer.

And those poor buyers! They finally see that, with low inventory, getting ANY property can be an accomplishment (they may not get everything they want), and THEN they find that the prices they thought were too high a month ago, are much higher today. Luckily interest rates are so low that they can afford much higher prices than they could have before and are still paying the same amount. It is a lot to take in, but my buyers have been very happy with their purchases, across the board!

So it is with flexibility, patience and an experienced Realtor, that people are navigating this crazy market! Sellers are cashing in on very high prices and buyers are enjoying homes without higher than anticipated monthly mortgage payments. It is a win/win. Who would have thought?