Real Estate price predictions...

[Vera B.]

Would love to hear from the real experts for some unbiased thoughts and predictions. We

Know people are leaving places like NYC and buying property in Long Island, Connecticut and NJ. Homes are selling like hotcakes in those areas.

Do we really think prices will continue to rise in these markets? Or are these people foolish to buy now at the (perhaps) peak?

[Michael Doherty]

@Vera B. I do not know whether or not home prices will go up and down in the near future. But it's never a bad time to buy good dirt. If this numbers make sense from a cash flow standpoint and it meets your criteria (Cash on Cash) ROI ect.... or whatever it may be then why wait?

I do know that supply at least in Hartford county Ct Commercial, Multi Family and Single Family is low. Supply so low because homeowners do not want strangers walking in their home during COVID. And landlords are not listing because of tenant concerns (rightfully so).

I do know that demand pre covid was high and is still high due to rates being so low. Buyers want to take advantage of this (me included). 

So what you have is simple economics, low supply and high demand which is causing home prices to rise. What we don't know is what the landscape will look like post election. Will there be a cure for COVID in the near future? It is 100% a sellers market. So right now I am listening to what the market is telling me and selling my property that are the worst performing. I am taking the cash and waiting on the sidelines for either a great deal (harder to find now) or for the market to turn.