What the Market Looked Like Before 2020
Posted by Tim Bray on
Series: When the Market Changes – Lessons From Real Estate Cycles
If you entered real estate after 2020, your understanding of the market may be shaped by one of the most aggressive seller-driven environments in modern history.
But prior to the pandemic, real estate operated very differently.
To understand where we may be heading, it’s important to remember where we came from.
A More Balanced (and Often Buyer-Leaning) Market
In the years leading up to 2020, many markets across Connecticut and Rhode Island experienced:
- Longer days on market
- More inventory than buyers in certain price ranges
- Frequent price reductions
- Negotiated closing costs
- Inspection repair requests as standard practice
- Appraisals that frequently…
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