The real estate market has drastically evolved over the last five years, due in no small part to the COVID-19 pandemic. The market has shifted, as have bidder interest and contract submissions. Perhaps most significantly – the relationship between clients, realtors, and home inspections has shifted in recent years.

Like all other areas of our lives, the pandemic began affecting the real estate market in the spring of 2020. In many cases, sellers did not want strangers in their homes – and some buyers did not want to go into strangers’ homes. Realtors, inspectors, and appraisers alike began limiting their in-person interactions to reduce the risk of contracting the virus. Due to various shutdowns, people were working from home, home-schooling their kids, and often sought to leave urban environments for the spread-out nature of a suburban or rural home. This led to a “buying frenzy” across Connecticut and across the country – and to a surge in employment among realtors, mortgage companies, attorneys, appraisers, and inspection companies. The market was booming!

Of course, supply-and-demand is a finicky line to walk, especially with a global pandemic throwing a wrench into everyday plans. When millennials and members of “Gen Z” began to buy homes, the demand remained high while supply dwindled. Housing prices climbed, bidding wars commenced, and the market changed again. The quick turnaround did not lend itself to quick adjustments… and that was especially true for inspections.

Rapidly changing conditions led buyers, sellers, and renters to make faster decisions – not always the wisest choice. Sometimes, the buyer would be pushed into doing an inspection for information purposes only… other times, they would waive the inspection entirely. Some, naturally, lucked out with minor issues – or none. Others found structural problems, water damage, mold, and more – often causing thousands of dollars in damage. While that trend has subsided some, it led many to develop a mistrust of all parties involved – from inspectors to realtors to sellers.

Despite a return to normalcy in many of our daily routines, the effects of the pandemic are still being felt, and may continue to impact this industry for years to come. Still, many realtors are seeing a strong rebound in recent months – indicating there may be a light at the end of the tunnel.