Real estate: What is the demand for buyers and renters now?

Bottom line supply and demand. Currently we have a limited inventory in both segments. Not enough listings or rentals. If you can buy a home now pull the trigger. Stop paying rent. But, if you need to build your credit for some time, begin to do so. Either way to be guided by the right Realtor is key. 

I do not personally handle rentals, however, I do have colleagues who do & they are actively completing rentals. As far as buyers are concerned, I’ve been experiencing a lot of activity & have received many inquiries in my available listings. There are still quite a few buyers out there looking to purchase due to the historically low interest rates. There’s also a low inventory so buyers are competing. Being in the outer boroughs helps as there’s more open space than Manhattan & therefore less fear of catching COVID19 in my opinion.

In the East Bay. Oakland and Piedmont, homes are still moving — many selling in multiple offers. Buyers have the time to look at homes since they aren’t traveling for pleasure or business. Homes have always been a sanctuary for gathering, eating and sleeping, but now that we’ve experienced our homes intimately over the last few months I believe buyers will continue to work from home and spend more time at home. For us that’s meant not only working from home, but really enjoying dinners at home, and relaxing out in the garden — and sitting on our deck that looks out over the Bay to San Francisco, something we never did before. — buyers are going to look for separate rooms or alcoves to be utilized as home offices and outdoor spaces will also be top of the list. 

There is still a considerable demand for housing in Colorado.  If a home is priced well, it still goes quick and often has multiple offers.  Anything in the lower $300's or less goes fast.  At this point we have not seen much of a decrease in pricing either.  It's hard to tell what will happen in the next few months.  

The demand now is for homes, there is not enough inventory.  People want to get out of the city because of COVID.  However, many homeowners are still concerned about having people come to see their homes at this time.  I think once we are at phase 4 of the openings, we will get many more homes for sale and the summer market will be hot again.

The market for these two segments is moving very fast in our area. Serious buyers are in the market.  Our problem is the shortage of inventory. The leasing market is hot and we have a lot of demand for it. We are experiencing multiple offers happening more and more. .. owSellers are not reducing their asking price. Owners of the properties are very cautious in renting their units despite of a large number of demands.

Miami Dade County had 255 single family pending sales in April and in May it spiked to 658. The buyers are now taking advantage of the low interest rates and well priced properties are selling fast. In addition, only 5.5% of the single family sales for the first quarter of 2020 were foreclosures or distressed properties - unlike 2009 when that number was 70%. Very good signs of strong comeback. 

The rentals have been exceptionally busy and buying is just a few steps behind. It has been quite busy and I believe the demand for both rentals and sales will continue at a stronger than usual pace moving forward.

House supply is low so buyers are getting into multiple offers...its pretty scary for buyers. 

Knowledge & Opportunities. The pandemic has Buyers/Renters/Owners altering their "game plans." Tenants are reevaluating their options - alter existing lease, downsize, relocate, buy? While Owners/Buyers are looking for signs of a changing market - lease and sale price changes, increase in vacancy rates, auction/short sales. They each are seeking new opportunities to put themselves and their companies ahead.