What You Need to Know About the Real Estate Market During the Pandemic
What does the impact of COVID-19 look like for the residential real estate market?
Selling for over 15 years, Nic has become an expert in his field. Firsthand, he has already seen the COVID-19 pandemic changing the ways of selling. Primarily, the number of in-person showings has seemingly been the biggest adjustment. Real estate agents all over are continuing to find ways to sell in a way that limits the need for buyers to leave their homes.
Buying a home without physically going to a showing? Sounds crazy, but like most of the world, agents have shifted to virtual methods. Using platforms such as FaceTime, Google Hangouts, Periscope, Zoom and many others, agents are now providing showings to buyers through virtual tours. The physical presence of buyers in the home is definitely one of the largest changes in the real estate world.
While the number of physical showings has decreased significantly, the number of contracts isn’t necessarily slowing down. It is a matter of getting creative and navigating the tricky circumstances.
Nic shared that people who are in the need of buying a home in the upcoming months, has not decreased. However there is a decrease being seen in the prospects looking for a home later on down the road. Houses under $250,000 are still selling consistently. First-time homebuyers and investment type properties are still in high demand.
It’s actually a great time for people to be selling. Nic even stated “there is no better time for homeowners to sell, than now.” For a lot of people, it may not be the ideal time to put their house on the market, understandably so. But from a market perspective, it’s a good time to be selling your home.
Real estate agents do not know what the future holds in terms of the selling market and there are a lot of factors that will play into what it looks like in the next 24 months. But what they can assume is that there will be a continued increase in virtual tours. In fact, Nic stated that agents are expecting “have they seen the virtual tour?” becoming a regular question before an in-person showing. Meaning that there may be more required upfront, prior to people visiting homes. The marketing of homes for sale may very well be more centered around digital marketing, verses traditional tactics such as yard signs.
Many are anticipating that things will look different in the real estate market. Sellers aren’t necessarily anticipating a drop in people buying, but rather the people buying and the process looking different. As far as pricing of homes, sellers are holding firm to pricing, but strongly encouraging homeowners not to stretch the prices higher than value.
As an agent, Nic shared his advice of continuing to find ways to serve your community. Continue serving your peers, community and sphere of buyers. Trying to be relevant as well as resourceful and helpful is critical.
As Nic stated, “the pandemic has the opportunity to unify the world.” And our community is what will allow that to happen. We have said it many times, but real estate is no exception. Finding ways to connect with people and listen, will make a difference. As an agent, you don’t need to only talk real estate. Being a positive outlet and encourager during this time will make a difference in our community and in your success. People listen to those who listen, building trust now will be extremely valuable as we continue to push through this unknown world.