As Massachusetts appears to be preparing to open up, we are still being faced with mixed messages at every turn. More and more people are venturing out of their homes, yet they are entering a world that seems so different from the one they remember before the pandemic. Many stores and public places continue to be closed and masks are both the social (and fashion) norm when out. Children still remain at home locked to their computers and attending homeschool for most of the day.
For me, the work week is "back to business," 7 days a week, for most of the day. The spring market refuses to be completely defined by the pandemic and is intent on showing its strength. I was interviewed about this on WCVB- Channel 5 Monday. Below is the link in case you missed it.
The trends I have seen all throughout this pandemic continue to be true. The bulk of the buyers are people moving from the city desperate to escape the confines of their apartments while being forced to work from home. Echoing this idea a client said to me this week that she, "can't stand the thought of working from home in her tiny condo through the spring and needs more breathing room."
Mortgage applications were up for the second week in a row, 7% this week (12% the week before.) The number of houses going under agreement each week in our towns is healthy and consistent. Not as robust as a typical spring selling season, but considering the odds we are dealing with, things are stable. Our inventory numbers have creeped up slightly, but still remain historically low for May
The buying segment we are currently missing is the relocation buyer who had planned to move here from other states or countries. Airline traffic is down it is and hard to know if local companies will follow through on job transfers and new hiring. It remains to be seen if this segment will put off their moves by months or more.
For now, I continue my optimism when it comes to real estate. I enjoy being at showings with people who are excited about their next move and it is great that some sellers are willing to open their doors for those buyers. Proctective gear and social distancing are still the norm.
I look forward to my note next week, when the state is (hopefully) in phase 1 of the Governor's reopening. It will be interesting to see what change that brings to our local real estate market. In the meantime, stay safe and have a fabulous week!
Teri Adler, MBA
Teri Adler Group 617.306.3642