Dear Monica: I feel that the market has changed with more sellers than buyers at the moment. How would you describe the current market? Chris D.
Dear Chris: Covid has made 2020 a different real estate year and it’s only August. The spring market had barely begun when the shutdown happened, and activity stalled for weeks. Then the delayed spring market burst forth with lots of buyers looking for properties with land so that they could have a place to work and study from home and to be outdoors. Then they went on vacation.
Sellers too, who had been thinking about selling in the future moved up their plans and decided to sell now. Thus there are more properties on the market now than there were in May and many buyers are away. If schools don’t re-open buyers may stay away until normalcy returns. So if you are a buyer, it is a good time for you and this may continue through the end of the year.