Ed's Chesprocott Region Blog: What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

We are experiencing the most unusual of times for the entire world as this Pandemic continues to impact our day to day living.  It is a test of inner strength for so many not the likes of which can be related to since the Great Depression hit in the late 20's and early 30's across the world.  Then it was a survival based on work and food and health was a secondary, maybe minimal concern.

 

What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

 

That is not the current situation as we find ourselves in a health situation that has us in a state of uncertainty for a period of time that is still to be determined. As the Great Depression was started due to financial instability, this Pandemic health crisis hit our US economy at a time of unprecedented activity. People are being laid-off from jobs, especially those as relates to non-essential jobs, which in itself is confusing.

Our real estate business, while critical for so many who need to sustain their own financial being, is seeing a definite scaling back as well. Over a quarter of the homes in New Haven or Hartford counties in Connecticut that were active on the real estate market were either cancelled or withdrawn.  Most probably these homes are occupied by sellers,  who may have needed to sell their homes do not want to have a possibility of being infected by others coming into their homes.

What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

As I opened up my MLS system this morning I was again stunned to see the activity for the 11 towns in my service area for the lack of input as shown above.

 

While real estate may still be active, the essential services related to a closing are still of concern.  Town halls are closed to only the most essential of activities so appointments would need to be made to do a title search or to properly complete an appraisal. Likewise building permits are also delayed for the same reasons.

I recently had to allow an appraiser into one of my listings.  I got there early enough to use antiseptic spray as well as wipes and even with that had to detail to the appraiser what I had done as they have flexibility as to how much they need to do to satisfy their client.  As the mortgage was FHA a detailed appraisal was needed.  This might not be as convenient for so many others.

Even beyond this is the reality that jobs are being shut down in this area so that the likelihood of a potential buyer getting laid-off in the middle of a mortgage process is highly likely.

There are so many unknowns with this Pandemic. It is believed that we have not yet hit the height as yet. We do need to stay positive and believe that for as quickly as this has thrown our reality into a bizarre existence, that the recovery will be a positive progression into a state almost equal to where we were when all was shut down.

We need to keep a positive within us.  Passing along a thought that I read on Facebook this morning from one of our nephews:

This is a very serious virus:  Churches and casinos are both closed.  It's not often that Heaven and Hell are in agreement.

 

Be safe and if you are seeking to stay in touch with the real estate market in Connecticut, follow the link below to see all that is going on.

 

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What Is The Impact Of Covid-19 on the Connecticut Real Estate Market?

 

 

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

Ed Silva  RE/MAX Professionals,   203-206-0754

Comment balloon 6 commentsEd Silva • April 05 2020 04:10PM

Comments

Good afternoon Ed Silva -  we all need to stay positive.  Support is the keyword now.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 7 months ago

Ed these are challenging time, and as the challenges come our way, we have been able to work around some of them.  Right now Appraisers are starting to do a combination of a physical appraisal (exterior) and a virtual appraisal (interior).  Town Halls are making land records available online to reduce the need for Attorneys to go to Town Hall, and we are at the stage that even closings can be completely done by e-signature.  However, there are still things causing issues, but if we all work together we can overcome those as well.

Stay safe my friend!!!

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 7 months ago

There will be documentaries written about this time, Ed.  I'm looking forward to summer when I hope most of this will have passed.

Posted by Myrl Jeffcoat, Greater Sacramento Real Estate Agent (GreatWest Realty) 7 months ago

Ed, I know Connecticut has been hard hit, and real estate can wait.  How you and your family are safe and healthy.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 7 months ago

Ed just stopping by to say even thought this Easter will be celebrated differently than in the past, it is what this day represents that is truly special, and that has not changed.  May you and your family have a very special, safe, blessed Easter Sunday.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 7 months ago

I hope you are enjoying a very productive year.

Have an outstanding October.

Posted by Roy Kelley (Realty Group Referrals) 19 days ago

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