Because some people just have to move…just like the last economic downturn and in any market, there’s always reasons people decide to buy, sell or rent.
Fundamentally, the circumstances that usually lead people to sell regardless of the market conditions are divorces, trust sales (death of owner), or job changes (transfers, hires or loss of). These factors always create activity in the market as well as “trade up/down buyers” and “deal hunters”.
Whatever category you are in, you should know you’re not the only one. Many people are still making moves despite the fact that most of the world is “on hold”.
It’s too complicated for me to offer blanket advice right now as to whether you should definitely buy or sell as it’s dependent upon your motivation or need. And the point of this post is to tell you that there are many good reasons to do either one or both. I am talking with all sorts of people right now who are making decisions based upon what I listed above.
There are lots of valid reasons to make a move right now, and some people just don’t have a choice. This is what’s continuing to move the market along.
Some quick stats about the local beach market…
About 10% of the active market is less than a week old and about 10% of the active listings went “into escrow” in the last 7 days.
What does that mean? New sellers have decided to test the market and list their house for sale, and a similar amount of buyers have entered into contract to purchase a house. This is regardless of the fact that we are a couple weeks into “the safer at home” status of life and seeing the shut-down of the normal economy. So inventory has really remained flat.
The concern for sellers is a rise in inventory as this would be bring prices down (supply vs. demand). However, we are not seeing that at this time.
The concern for buyers is that prices are going to drop. But, also not seeing that on a large scale at this time due to a few factors including, low inventory and low interest rates which have maintained demand. However, documented property sales caught by the world crisis really haven’t been published yet to truly tell if prices have gone down or not.
In summary, I just wanted to share my professional insight as to why the market is still moving as well as my professional advice and if you’re thinking about buying, selling or renting, you are not alone. Defining your reason for doing so is really what you need to focus on.
Please stay safe and healthy, we are all in this together! I am here if you need help with anything!
