Greenwich Real Estate Report: March 13 -20, 2020

There are NO open houses this week in Greenwich.

The Greenwich Board of Realtors made the announcement to Realtors earlier this week to halt all open houses, which was obviously the right decision given our current situation.

How will Covid-19 effect the Greenwich real estate market? No one can be sure but it seems apparent to me that home sales will likely slow down in the short term. However, buyers and sellers will probably see a boom in the real estate market as soon as this nightmare is over. This will be advantageous if you don’t need to make a move immediately. Inventory should be up and interest rates are currently at an all time low. This should encourage buyers to purchase right away instead of milling around open houses wondering if we have hit rock bottom yet. We might even see some bidding wars!

This week, in a matter of 2 days, I received 60+ inquiries from NYC residents who wanted to find a short term rental in Greenwich to escape NYC during this difficult time while residents are asked to stay indoors. Most have young children and they want more space indoors as well as outdoor space where their kids can run and play.

My prediction is that we’ll see an influx of young families moving from NYC to Greenwich as soon as this is behind us, more than the usual migration we see each spring. Perhaps our fall market will look like what our spring market should have been in the coming weeks. Does that mean that home prices will go up? Not necessarily right away but it probably means that homes won’t sit on the market as long as they had been. This is good news for sellers who’s homes have been sitting on the market and were having trouble selling as well as new listings, assuming sellers price their homes realistically. This is also good news for buyers since there should be a lot of new inventory to choose from.

What’s the best way for a seller to determine the value of their home? Call in an experienced Realtor for a price opinion. A good real estate agent will not only give their opinion as to what your house is worth but they will also let you know what needs to be done to your house, if anything, to prepare it for a sale. That can be anything from decluttering and painting to removing carpeting and pieces of furniture.

As for buyers, it seems that many prefer to begin the process by perusing sites like Zillow and then heading out to open houses before committing to working with one particular agent. Once ready to take it to the next level, it’s to the buyer’s advantage to work with one agent who will get to know you, learn what you’re looking for and help you navigate the different neighborhoods in Greenwich that might be best suited for you. Once an agent gets a feel for which houses you might like, they can preview homes with you in mind and help you narrow down your search saving valuable time in the process.

I believe that this virus will hurt the Greenwich real estate market in the short term only and that we will be in a better place than we were before this all started once this is behind us. My advice to buyers will be to purchase right away, don’t wait for prices and interest rates to go back up because both will happen, it will just be a matter of time.

This week’s highlights in Greenwich real estate:

  • 25 new to market listings
  • 12 sold properties
  • 13 price reductions
  • 7 accepted offers