CT-COVID-Opening-Day-May-20-2020

Greetings,

 I hope this finds you doing good on this May 20^th, COVID Opening Day CT 2020. It has been a strange and challenging springtime,

(1) My   New Haven Milford Metro and Greater Connecticut real estate market scheduled property showings still show definite decline in buyer requests to view property through the month of March into April. This trend began to correct however there is still a difference between the number of showings this year compared to 2019

 There are multiple reasons, however the most obvious are buyer’s apprehension and seller reservations about either moving or having strangers in their home. This has created a unique Spring 2020 Market in Southern Connecticut which I anticipate will a deliver a vigorous recovery in June and July 2020.  New Listings in New Haven County are down 54% ending April 2020, while pending sales in the same cohort are down only 11%, days on Market are down while Median sales prices are up from $230K to $255K. I provide market specific data for my fiduciary and past clients

(2) The homebased compounding, virtual employment, virtual commute factor in my New Haven Milford Metro and greater Connecticut Market is only beginning to be understood as New York City residents have experienced a possibly life-changing event that may motivate some of them to reconsider residency, methods and means of employment. 

Aetna recently stated “...all Connecticut-based employees who are currently working from home will continue to do so through the end of the summer.”  The COVID-19 has allowed employers to implement home-based operations, debug, and experience the effectiveness of this business model. Before social distancing protocols web-based meetings were available however their application was just being appreciated.

On March 27 2020 NPR ran a story the claims Working From Home Has Rewards The Office Can't Offer, then  on May 21, 2020  Facebook announced "many" of their Employees are going to to work from home permanently, This list goes on an on when your search "survey-home-office-2020"

(3) The financial effect on qualified home buyers is questionable as information suggests 70% of the working population was not directly impacted by COVID-19 due to home-based employment and other contractual obligations provided by employers. It seems to me a majority of the financial devastation is being endured by small business owners retail and service industry employees, especially those in the restaurant and childcare industries. I have no information to discuss what percentage of this cohort would have been a home buyer in this market.

 (4)  Mortgage financing remains very affordable 30-year fixed mortgages in the middle to low 3% for qualified applicants.

Home ownership is a lifestyle and investment made by people who recognize these values and are able to consistently support the obligation with financial income. Now more than ever, people are considering their lifestyle and work balance after 2 months of social distancing and restricted movement in traditional shopping venues.

Looking ahead I anticipate Connecticut and My d New Haven Milford Metro to be an extremely attractive destination based on our quality of life, affordability, proximity to New York in New England, the availability of Metro-North rail to New York City, and our interstate highway system.

 I remain committed to help my fiduciary clients make the right choice at the right time, and will continue to deliver timely information to help you make the right choice, at the right time regarding real estate as a lifestyle and investment. Original Content by David Carr, Licensed Agent and Professional Standards Certified Specialist.  Copyright 5/20/2020 - All Rights Reserved  T@ctrealdavecarr