The question I get almost every day is, why are there so few houses for sale? A new Wall Street Journal article by Nicole Friedman tries to answer that question and offers some insight. She writes that according to Redfin Corp, we are simply just staying in our homes longer. A typical homeowner in 2020 had remained in place for 13 years, according to their research. In 2010, that rate was 8.7 years. I think a big factor in all of this is of course the pandemic--buyers are seeking bigger homes in order to work and attend school remotely, whereas sellers have had the opposite reaction by canceling plans to list their homes or have become fearful of opening their homes to the public.
This is 2021 now, though. The vaccinations will hopefully gain momentum and people will be able to venture out more safely, so in my world, things could change in this market week to week. Who knows?! I have a client in Florida who hasn't seen her family in a year because she is high risk and can't fly. As soon as it's safe and she’s received the vaccine, she will be up here to buy. Other clients have put their interstate moves from Massachusetts to another region on hold for the same reason.