As we are ending Week 7 of the stay-at-home orders, we find the initial panic starting to ease off and people getting a little restless as we mentally prepare for a new normal.
On one hand, a lot of Sellers have taken their properties off the market (50% less listings) and are waiting for a more stable time. This has drastically reduced the inventory and in normal times is what should make it a "Seller's market", meaning sellers drive the price. This reduced inventory combined with record-low interest rates, has left the remaining sellers expecting to get high prices for their homes.
On the other hand, we have Buyers who still have solid jobs and are able to secure a loan, feeling very empowered and looking to take advantage of this uncertain time and therefore expecting to pay “discounted” prices.
This completely opposite perspective about the home prices between sellers and buyers is common in any market but it is now greatly emphasized by the Corona virus situation.
In the end, what we are seeing on the market is no different than usual:
Only realistic buyers and realistic sellers are transacting. The others, the overpriced sellers and the low-balling buyers are sitting on the sideline, watching people make deals and making their real estate goals come true.
Of course this situation is changing literally every day, so stay tuned! And feel free to contact us with your specific questions.