King Of Homes NY
Real Estate News & Updates
In our part 1 video/blog, we talked about how the buyer activity level has decreased in recent weeks. We went from seeing 50-100 buyers in the first week of a property hitting the market, to seeing 15-20 buyers in the first week of hitting the market. That has been a significant drop in buyer activity from what we saw during the pandemic, yet we are still in a sellers market. Before the pandemic hit, we were in a hot sellers market, and 15-20 showings in week one is very similar to the level of activity we were seeing pre covid-19. However, eviction moratoriums along with layoffs, unemployment, furlough, and forbearance are all significant factors that remind us of the financial crisis of 2007-2008. These are new factors that were not present in the real estate market pre covid-19. So how much of an impact will these factors have? Comparing things such as inventory, foreclosures & forbearance, along with interest rates & affordability can help realtors, consumers, sellers & buyers determine if we are headed towards the financial crisis all over again.
Recently, buyer activity has gone down. We went from seeing 50-100 buyers on a property during its first week of showings, to seeing 15-30 buyers on its first week of showings. This is a significant drop in just a months worth of time. So, how significant of a shift is it? In order for the common consumer to understand what 15-30 buyers in the first week means, they will have to understand what a balanced market looks like…