You don’t see the light at the end of the tunnel right away – it takes a little time to come into view but once it does, the tunnel is no longer as frightening. With a soft return to life-as-we-knew-it looming on the horizon we wonder if things will feel the same. Should we have worried more or worried less and is our solid foundation still structurally sound?
The number of homes for sale in Rhode Island has understandably decreased but sale prices remain largely unaffected by COVID-19. Challenges posed by social distancing and stay-at-home-orders were quickly overcome by virtual connection and revised practices for safely conducting business. Ask real estate agents with listing inventory and they tell a similar story – the property hits the market, pre-approved buyers quickly line-up and in most cases a bidding war ensues. As inventory continues to fly off the shelves as quickly as cleaning supplies, today’s sellers have a new appreciation for what “under contract in one week” means and are the clearest evidence that “now is a great time to sell if your circumstances allow” isn’t one bit sales propaganda.
We can’t predict our future which is why it’s important to consider if now is the time to capitalize on a hot market. Sale prices weren’t expected to outperform themselves forever and while we do expect low inventory to keep the health of our local market intact, we suggest re-examining your options knowing they are plentiful, alive and well.
As you continue to stay safe at home and shelter indoors, focus on making any updates to your home that could benefit you later down the road. A lockdown is the best time to work on home projects that you have been pushing off for months, explore new hobbies, and build new skills. There are lots of DIY projects that are cheap and fun to do as a family to make your house look sharp and in tip-top shape. Some other activities to keep busy as a family are to virtually tour your favorite museums, parks and even zoos! One of our very favorites, Roger Williams Park Zoo offers a behind-the-scenes look of their animals every Tuesday & Thursday. Yes, our new normal might be a little different these days, but we are quickly learning to adjust, adapt and move forward!
If you have any questions about buying or selling in the current climate of the real estate market, reach out to us today at 401-942-0200.