Posted on 4/20/2020 by Steve Robbins
THE REAL ESTATE MARKET AFTER & WITH COVID 19
Over the last 5 weeks or so we witnessed the local real estate market go from the best year ever in 2019 (total dollar volume and total unit sales) to a screeching halt.
As of today, Governors Scott’s 10th Addendum to the original stay at home order allows the resumption of some face to face meetings. That means we can begin to show real estate to prospective buyers! Towns can consider how to allow some access to the town clerk offices so attorneys can conduct title searches.
And appraisers and inspectors can resume visiting properties.
It is not business as usual, but a return of all the above activities is vital for the real estate sector to undertake new business. Some Sellers may still restrict access to their homes, and we should all perform under specific guidelines.
The most asked question is: “How will the market be now?”
The good news is the time we missed from mid-March to mid-April is not the busiest time for new listings or buying decisions in the Mad River Valley.
Initially, we expect local buyers and prospective sellers to resume with their plans to shop and list properties for sale. With all neighboring states still under stay at home orders, buyers from “down country” may be somewhat scarcer initially.
However, we expect most folks who were considering a purchase this year will also return to the marketplace when stay at home orders are lifted.
And yes, like in the months after 9-11, we also expect buyers from urban areas to look upon the Mad River Valley and other rural destinations with a new appreciation.
Keep in mind, inventory for single family homes and condominiums in our area has been on the downward trend for a while and that condition will likely continue for the near term.
No doubt, numbers will be down for the 1st quarter, year over year and likely for Q 2 as well. But we also expect a return of steady sales activity in time for the body of our busiest months just ahead.
The promise of Spring has never been more welcome to the real estate sector!