At Bushwick, we try and anticipate our client's questions and answer them in advance. One fear we've noticed circulating has been regarding how the market will be affected by the COVID-19 pandemic and statewide shut down. So, we wanted to address these concerns for you with a little walk down memory lane.
While we don't expect the market to spring back to normal anytime soon, we also don't expect the market to crash. Once we dove into the data, we took a trip back to see what things looked like in March of 2008 vs. now.
While we're not seeing the crazy bidding wars like we did just a few weeks ago, the fundamentals are still very strong—there's a lack of supply both of active listings and new listings hitting the market and homes are still selling. For reference, we had 20% the number of active listings as we did in March 2008.
As you can see, things aren't quite as scary with our current housing market as some may have thought. As this data suggests, now is a great time to sell your home and/or buy a new one. No need to wait, let us know how we can help -we'd love to be of service!
