COVID-19 Revives Connecticut Housing Market

Ever since the global pandemic known as COVID-19 began shut-downs across the nation, there has been a shift in just about everything. From how we work, how we attend school and even how we spend more time with our families. 

One area that has seen an uptick as a result of the changing times is real estate. While many economies were grappling with poor housing markets for a while, things have shifted now. 

If you’re planning to sell or into real estate investing, then you should know – now’s a great time to make your move. After years of a declining housing market and buyers getting properties at rock bottom prices in Connecticut and other parts of the nation, we’re seeing things move in the opposite direction.

Through the pandemic, realtors have maintained operations as an essential business and have been taking steps to prevent the spread of viruses. According to agents, the competition is stiff out there and while they’re traveling to homes with extra gloves and masks and and even doing showings online virtually, there are still more people looking for a new home now than there has been in quite some time. 

Here in Connecticut, which is close enough to the once bustling NYC but still distant enough to enjoy lower prices and more private landscapes, the business of home buying is really picking up. 

More people are changing how they work by logging into their offices remotely and a focus on social distancing has made home buying more attractive again.

What does that mean for you as a real estate investor? Now’s the time not only to start aggressively moving those properties you’ve been working on fixing up to flip, but also to get out there and finding more real estate you’ll be able to invest in for a profit as the economy changes. 

One report by Hartford Business highlighted comments from chief economist for the National Association of Realtors Lawrence Yun who said that in both Fairfield and New Haven counties everything will “light up” in 2021 as part of a “V-shaped recovery in the housing market” that started earlier this summer. 

From historically low mortgage interest rates to rising real estate prices in many markets, we’re seeing higher-income New Yorkers already starting to move to single-family homes in Connecticut suburbs. 

So much so that houses are moving after just a few days on the market. Realtors say this is true even in more quiet towns where real estate typically takes time to attract the right buyer. In competitive markets there’s even bidding ware happening and potential owners are losing at even 20k over the asking price. 

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