Steve Holt, owner of Howard Hanna Holt Real Estate, was recently featured in a Post-Journal article exploring the real estate market in Chautauqua County, New York.
The article reported that the Chautauqua County real estate market does not appear to have felt the economic effects of COVID-19. While local brokers and agents have adjusted their workflows to meet health and safety guidelines, the transition has not necessarily led to a decline in business.
This has been a welcome surprise for Holt, who expected sales to slow dramatically. Instead, sales are up 20% compared to this time last year.
Low interest rates and increased free time for homebuyers and owners are among the factors that have helped to support increased real estate transactions. A seller’s market – with low inventory and high buyer demand – has also been a major factor:
“Our market has definitely gotten stronger over the last three or four years, but we’re in a situation now with the low inventory where we are seeing multiple offers, we’re seeing people paying above the asking price. It has gotten to be a normal situation,” Holt said. “People are less afraid to pay a little bit more because interest rates are so low right now. I think part of the recent demand has been, people have spent three months in their homes, and found all of the shortcomings of their existing homes.”
During the interview, Holt also discussed the technology that allowed his team to prepare for and work during the pandemic, as well as recent interactions with homeowners looking to sell or buy.
To read the full article and interview, click here.