How's The Market? December 2020

Dear Friends,

At last ! 2020 — a difficult year on so many levels, where nothing has been normal — is finally coming to a close.

Pardoxically, while the pandemic continues to wreak havoc in so many business sectors all over the globe, the bump in our real estate market caused by Corona Virus has buoyed many associated businesses in our area and suburbs around the US — attorneys, inspectors, mortgage lenders, home builders and contractors. Furniture companies, car dealers, utilities and all the vendors needed after a new move,

Plus sellers’ contractors, repair and remediation companies — all those who help prepare a home to be listed — have been benefitting from extra commerce !

And as a result of this unexpectedly robust buyer supply, the Connecticut tax rolls are up for the first time in years.

Along with this sudden sea change that began in Q2 = 2020, many ask — will these conditions continue in 2021 ?

No guarantees, but we can make certain assumptions based on trends:

Corona has caused a profound change in buyer preferences that are expected to survive the pandemic: an appetite for more recreational space (gaming, theater, hobbies, workout space) inside and out, for dual or multiple work at home spaces, for creative spaces — perhaps for vegetable and compost gardens or a chicken coop, a private swimming pool and tennis court, instead of a communal choice.

There’s a far greater buyer tolerance for commuter time – another post-CoVid phenomenon.

An additional horse out of the barn — greater than ever need for superior on line property information of every sort, including virtual walkthroughs, overhead drones, floor plans. These have yielded the largest number ever of sight unseen transactions (after virtual viewings only) !

All these bode well for a very active year ahead in real estate in our market. Take a look at the latest figures below, and enjoy our special holiday offer.

Wishing you peace, good health, prosperity, and a return to normalcy in the long-awaited 2021 !

All the best,

Joni