October kicks off Quarter 4 and the last 3 months of the year. If there was ever a year that people want to wrap up, it would be 2020. The #2020Vision social media posts and excitement of January feels distant. The exuberance of the Roaring 2020s now feels naive. Within these next few months, we have the election, holidays, winter weather, and an unknown cold and flu season.
What we continue to celebrate in our office is the resilience and perseverance of different industries and people. Restaurants seating customers outside, new businesses popping up to respond to masks and cleaning needs, and many companies successfully working remotely are all things to celebrate. Real estate has changed this year and we have adapted with it. The COVID showing guidelines including the Property Entry Advisory Declarations (PEAD) which are required for entry, the increase in virtual tours and online marketing, and open house hiatus have all changed our business. We are still experiencing an overwhelming wave of buyer demand.
One listing gets 17 offers. Another listing gets 40 showing requests. Most properties in our office that are hitting the market on Thursday or Friday are going into escrow on Monday.
Election Year + Pandemic + Economic Uncertainty = Real estate boom?
What does this mean for you as a homeowner or potential buyer?
What will the market do in November? What will the market do in January 2021? This year has not been predictable. One article tackles whether the election will have an impact on real estate and says:
“Rocky political environments can create instability in the stock market-causing consumer confidence to drop. But the real estate market isn’t rocky…it is rock solid…However, as we saw with the pandemic, the reward of locking in record-low mortgage rates also may continue to outweigh any consumer caution and drive buyers and sellers to act.”*
If you are wondering if NOW is the time for you to act, whether you are selling your home or purchasing a home (or both), consider that it is almost impossible to perfectly time a market with prices and rates. What you can time is making the decision when it is best for you.
