Real Estate market is flooded with buyers
One of these days, you may see a lot of people in your neighborhood you don’t recognize. There’s a large influx of home buyers looking to move north from New York City.
Dan Clarino of RE/Max calls it a “measurable migration.”
He compares the exodus to what we experienced after the Twin Towers attack. “It’s a little different from 9/11,” he says. “COVID is invisible, so the fear factor is even greater. We’re just beginning to feel the impact.”
It’s too early for sales statistics, because real estate transactions normally take 60 to 90 days. But it’s not hard to predict what will happen.
“Greater demand,” Mr. Clarino explains, “will impact the price of any commodity.”
Right now inventory isn’t high so the cost of buying a house is likely to go up. City folks have a few motivations for moving. In terms of the virus, they believe the suburbs are safer. If they’re going to be quarantined, they’d rather be in a more spacious location. And if they can work remotely, there’s no need to live close to the job.
Mr. Clarino suggests that if anyone wants to move into the city, now is the ideal time to do it.
It’s been an unusual year for real estate. During the lockdown, Ellen Kelly of Smitchger sold two houses without going inside either one of them. Under the COVID guidelines, she wasn’t allowed and neither were the buyers.
Now that we’re phasing into recovery, Mrs. Kelly claims, “The market is crazy busy in the 300 to 400 thousand dollar price range. A lot of local people are looking to downsize,” she adds. “But that inventory doesn’t exist.”
Mrs. Kelly makes no prediction for the future other than citing what her father always believed.
“The stock market may go up or down. But an investment in real estate is always rewarding.”
And considering the potential newcomers, maybe this would be a good time to invest in nametags. After all, we’ll want to know who they are.
