Key Highlights
- Summer housing market looking like spring selling season on both sides of the Atlantic
- Surge in buyer interest and uptick in sales
Real estate professionals on both sides of the Atlantic Ocean and in Canada are busy. Pent-up demand from COVID lockdowns being lifted throughout most of North America and Europe is driving more inquiries compared to last year at this time and sales are slightly up, particularly in suburbs and second-home markets.
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Jonathan Miller, president and CEO of Miller Samuel Inc. a New York real estate appraisal and consulting firm, said, that this mid-summer is “going to feel like a boom.” Once that initial excitement and inquiry period ends by mid-July, Miller anticipates a short fuse rather than a longer-term activity period, and therefore encourages buyers and sellers alike to move sooner rather than later.
Suburbs in the US and second-home markets in New Jersey, Connecticut, Arizona and Colorado are already seeing a pronounced uptick in searches, inquiries and sales. In England, Martin Bikhit, Managing Director of the London office of Berkshire Hathaway HomeServices Kay & Co., reports an eye-popping increase of approximately +300%.
Bikhit said, “There’s certainly some pent-up demand, but the question is, obviously, are they actually going to translate into sales?” “Quiet optimism” is Bikhit’s response depending upon how employment levels in England and other European countries “shake out” after Europe’s collective furlough programs expire.
Homes and estates in US suburbs and/or the British and French countryside are hot. Jonathan Lerner, owner and broker of Five Corners Properties stateside, said “People are looking for some comfort in an uncomfortable time,” particularly since summer vacations and travel on both sides of the Atlantic are unlikely. People want sprawling space inside and out, porches, great landscaping, spa bathrooms, home offices, and privacy.
Gitika Kaul, an agent with Compass, said, “There is a unique silver lining right now for sellers, with an increased demand for space, low inventory and low interest rates.”
In Toronto, agent Ajay Gohil with Right At Home Realty, told MansionGlobal that buyers are returning to the market with confidence. Prices have held steady and both listings and sales jumped +50% during the month of May. Gohil said, “(The market) won’t be the record-breaking level we were expecting prior to the pandemic…but it will still be quite healthy.”
Thanks to MansionGlobal.
Also read: Podcast: Be 100% Honest, Do You Think Rich People Are ‘Evil’? | Tim and Julie Harris, Podcast: Housing Market Predictions Post Lockdown, Global Growth Forecasts Slashed as Spreading Coronavirus Spreads Global Recession Fears
