The New York Times Magazine published an article recently with the headline: “Will Real Estate Ever Be Normal Again?” The 2021 real estate market has been white & red hot all year long and it doesn’t seem like home sales or home buyer demand is slowing down.
Pre-pandemic what did a normal real estate market look like? Historically, for the past several years, we have been in a Seller’s Market, but not as extreme as today. A handful of people touring an open house. Properties sitting on the market for a few weeks and no one sounding an alarm. Buyers went through a property at an open house and maybe again in a private showing before writing up an offer, waiting days sometimes to evaluate the right choice.
What did coronavirus introduce into the real estate market? Packed open houses, waived contingencies, blind offers, home buyers making decisions to write up offers on the spot, and sometimes an “any house will do” attitude from burnt out home buyers. The pace and stress of buying a home seems to have increased.
Do you think the real estate market will become “more normal” for the last few weeks of 2021 and beginning of 2022?