The bridge detour’s impact on real estate
It’s been three weeks now of the bridge closure. I’ve seen many folks headed down to the pedestrian bridge to check out the destruction of the old bridge. People are taking this opportunity to witness the changing of a town and its infrastructure.
While it is frustrating to get around town unless you’re on a bicycle or walking right now, I am among the many residents excited about how great it will be when it’s all over.
I’ve seen, heard and read that our downtown stores and restaurants seem to be less busy. But how is this effecting our real estate market? Truth is, sure it feels a little slower, but the numbers tell us a different story.
While the summer months of both 2016 and 2017 were comparable to each other in relation to properties being placed under contract and sold, I wanted to look at how business has been since the closure of the bridge. It was encouraging to discover that we are on par with under contracts in Glenwood compared with last year.
Showings are a little more difficult to schedule with the unknown travel times, and I have experienced some last minute cancellations. The active buyers are rescheduling and still out looking and buying (around the congestion times though.)
Property showings may be down, but my sense is that the folks that don’t have an immediate need for a replacement property are the ones who aren’t out looking. These are the folks that are toying with the idea of moving and are in the exploratory phase, waiting for the perfect property to hit the market.
The bridge closure and congestion in town doesn’t change the fact that people’s lives change. People buy and sell their homes for a variety of reasons — their home is too big or small, they want to upgrade or downgrade their current home, career changes, lifestyle changes, retirement, becoming empty nesters and health reasons. These events still happen in everyday life and the bridge closure has not put life on hold.