Why are homes selling so fast right now? Didn’t the market slow down for the pandemic?
The market did slow down… for about a few weeks. But once people got used to using Personal Protective Equipment (“PPE”), physical distancing and a few other safety measures, the buyers came back with a vengeance. Sellers did as well, perhaps with a little less force. Real estate values are a function of the BALANCE between SUPPLY and DEMAND. So, if both drop at the same time in the same proportionate amount, then home selling prices will remain stable, which is basically what we have seen in this pandemic so far.
Thinking about buying or selling a home? Contact me for more information: 416-725-3544.