2020 has already been a strange year because of COVID-19 and most people being forced to adapt to life in home quarantine. Yet, the economy is slowly opening back up throughout the country as we head into the summer market. Some areas may take longer than others, and there will be a lot of social distancing regulations that both business operators and their customers will have to get used to.
For The Cyr Team, these changes are reflected in our COVID-19 Compliant™ pledge. We are well-prepared for the fact that it won’t be “business as usual” in real estate anytime soon. Certain processes will need to be different as we look to protect our clients (and ourselves).
Getting Ready for the Summer Market
However, we are looking forward to our local real estate market starting to open up in the coming weeks. Though we’ve been staying busy closing active transactions and consulting with our clients virtually, it won’t be long until we are able to physically get out there (at least on a limited basis) and conduct business in a more effective manner.
As real estate markets reopen across the United States, we expect there to be a lot of activity in a limited amount of time. Our usual spring and summer markets will be condensed into one short and very busy summer market that will take us into the fall and winter months. That’s usually when sales start to slow down naturally because of the holiday season and weather factors. This year, we also have the very real possibility of a second wave of coronavirus, which could put us all right back where we are now. Quarantine life could return if some health experts’ predictions are accurate.
We liken it to a game of musical chairs. Right now, the music is stopped with the real estate market effectively on hold in many areas. A lot of people are sitting in their chairs—their houses, condos or apartments—and realizing it’s not where they want to be. Their housing needs have changed. Renters are ready to buy. Families are ready to move up into larger homes. Empty-nesters are ready to downsize. Almost everyone out there is reevaluating their living situations in some ways. As a result, many would-be home buyers and home sellers have used this downtime to prepare for their impending move.
Ultimately, the music will start again. The volume may be a little low at first in some markets while others will crank it up to 11 with a flurry of real estate activity happening almost immediately. After being stuck at home more than ever lately, people are going to be ready and anxious to make their moves. Homes will be listed for sale. Buyers will be eager to start searching for their next “chair.”
Where is Your Next Chair?
The question is where do you want to be if and when the music stops again later this year? Are you content with your housing situation right now or do you need to be somewhere else? Are you ready to make your move when the music starts and your local real estate market is running at hyper speed?
When things do open up and real estate activity starts to happen, buyers and sellers will not be in a position to wait it out and take their time. They will need to act quickly and decisively, while being careful not to be act recklessly. You will want to be prepared to make your move as soon as possible. At the same time, you still have to do your research, plan accordingly and do what you need to do in order to make smart real estate decisions. Otherwise, you may end up right back in the chair you are sitting on now, or even worse, stuck in a new chair that isn’t any more comfortable.
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We are not trying to cause panic here. That is the last thing we want to see from our buyers and sellers. We are just trying to educate people and prepare them for what lies ahead in the extremely unique 2020 summer real estate market. Maybe we’re wrong and it won’t be as frantic as we expect. Maybe it will be even crazier than we can imagine. If this strange year has taught us anything, it’s that we need to be prepared for everything!
If you are planning to buy and/or sell a home in 2020, take the steps now to get yourself ready when the music starts and it’s officially time to make your move. If you are in Southeastern Pennsylvania, or Northern Delaware, The Cyr Team is here to help you with all your real estate needs. Contact us today to schedule a virtual consultation and be sure to follow our blog and social media for more tips and information that will help you be better prepared for the upcoming real estate market.