I thought it was time to update you on the real estate market and what we are experiencing during this historic time.
To be quite honest, my personal experience is that we are very busy. I am working around the clock. There are showings at many properties and in some cases multiple offers still. My colleagues at other firms and in different states are all reporting the same thing.
I continue to put listings on the market and have activity. Each showing is done carefully with gloves and hand sanitizers and social distancing and it is working.
Will real estate carry the economy?
· Many people would rather put their money into real estate now rather than the stock market.
· Rates are incredibly low and giving people much more buying power.
· Families from Boston are anxious to move to the suburbs. They are searching for more elbow room and a yard for their kids to play.
As I write this there are only 60 HOUSES on the market in Wellesley, and this is only a TWO MONTH supply of inventory. A six month inventory is considered a healthy market. This is the peak of our selling season and there are not enough houses for buyers. Do we expect a crash like 2008? In 2008 we had 150 houses on……. in essence then, there isn’t anything to crash right now.
People still need homes, they need a place to live and invest. We are confident that this trend we are seeing will continue. Our area is one of the best places to live in the country and that will never change, making buying in metro-west the right choice.
In summary, so far home sales are still occurring.There will most likely be a short pause of course. It’s not that demand has diminished, it’s just that demand may be postponed until things stabilize.
I am here if you have any questions or concerns at all. I will also try and send out a weekly update.