Changes in the Summer Market
This year Summer will be different for sure. Here are some shifts we are noting already at Compass:
1. The volume of international travellers will be miniscule at best, so many of our wealthier clients (and colleagues) will seek vacation escapes within the USA, closer to home. Many foreigners who traditionally visit the USA in the Summer simply won't be here.
2. In some markets, Summer is traditionally one of the busiest markets and in others it quietens down notably. This year, we should see a busier Summer market playing catch-up after several weeks and months of restricted showings, banned showings and much lower inventory as many sellers chose not to sell during the peak of COVID-19.
3. This Summer we may see a surge of inventory. This year, so many sellers stalled their Spring moving plans and may play catch-up during the Summer.
4. The closer-to-home second home market will be SUPER-busy. We have spoken to clients who are 100% focused on buying a second home as their #1 priority, especially one that is within one to two hours from their city home. They feel a future life mix of city-country is essential and highly desirable, no matter health concerns.
5. Domestic travel will be sharply down, especially anything that requires shared mass transportation like planes, trains, busses, etc. This will keep people closer to home through the season when traditionally they might be travelling.
6. Many kids will not be going to camp, and those who do will be going for a shorter period of time. The kids will be in town!
7. Most towns and cities may have fewer domestic tourists too, especially those who come from further afar. This may be offset by tourists coming from more drivable locations.
8. Summer gardens will look AMAZING: as more people were forced to stay home, many have found solace in tending to their gardens as an escape from the harsh realities of our new normal.
9. Expect to see a hive of pool-building activity.
Regardless of the differences and restrictions, I know I plan to make this a memorable and enjoyable Summer and I hope you do too.