COVID-19 and the Real Estate Market (March through April 23)

I've been getting questions from a lot of people about market activity during these times.

With all of the conflicting information it's easy to feel confused trying to interpret all of the data. My goal is to provide my professional interpretation in hopes of answering your questions and give you a reference as you make decisions about your real estate investments.

What does the data really say?

As you can see in the chart below showing activity declined 40% starting in March 16 with April 7 being the worst day. The sudden dip was clearly from initial concerns of the virus, stay at home orders, as well as tightening lender guidelines causing some buyers to no longer qualify. This eliminated many of the "would be nice to move" buyers and we were left with the "I have to move" buyers (higher motivation).

To put these numbers in perspective with the rest of the country areas like New York saw a 90% decrease in activity. This was due to the much higher cases of the virus as well as real estate being labeled as non-essential.

While buyer activity declined 40% inventory decreased by 23% with the median price of homes increasing 2.5%. This would explain the many multiple offer situations we experienced during these past couple of weeks.

Since then we have recovered 50% of the decline in 2 weeks showing signs of increasing buyer confidence. In the next few weeks we should see showing activity going back to pre-COVID times.

So is now a good time to sell? It depends...each homeowner's situation is different. If you would like a FREE consultation to discuss your next move follow the link below and fill out the contact us form. I look forward to connecting.

 www.LuisPerezRoman.com/connect

What do you think is going on? I welcome your thoughts and comments.