Spring real estate didn’t turn out quite as expected—the COVID-19 pandemic changed everything. Today I’ll discuss a few of the key changes we’ve seen in the market due to coronavirus.
First, the economic fallout of the pandemic doesn’t feel quite the same as the 2008 housing crash, which was caused by an abundance of subprime loans. In the first seven days of April 2020, 24% fewer new listings came on the market compared to the same time last year. Usually, spring is a time when many new listings hit the market. We’re also seeing a reduction in buyer demand, so the active listing count is starting to climb, but it’s not spiking.
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