As our state slowly starts re-opening, I still have a lot of questions and uncertainties. How are you feeling? What questions do you have?
While I can't make any concrete statements, I do have a few insights in the Real Estate market and how I will be operating within my business.
Home Statistics for 2020
Courtesy of WRA.org/HouseStatistics
I am not a numbers or statistics person. I enjoy looking at them from time to time, but I never really put too much stock into predictions or forecasting, because every buyer, seller, and situation is different. However, I, along with many others, were curious about how COVID is impacting home sales and prices.
So the world started shutting down in March, and since many transactions take 30-60 days to close, I will be curious to see what May's numbers look like. There was only a slight dip in April, so will that downturn trend continue, or will it hold steady/increase as April and May are typically the busiest times of the year for home sales? Stay tuned next month!
Ahh yes, the numbers most of the public care about the most... home prices. No shock here... home prices are in the same trend as they have been for the past 10+ years. They are going up, up, UP. Again, I will be curious to see May's numbers next month!
So now what?
Ok, so now that people are starting to get more freedom to stretch their legs and return to some of their "normal" routines, what does this mean for the Housing Market? Will we see a boom? Will business continue as normal? These are all the same questions I have, and this not something anyone has confident responses to... but here are my thoughts:
Now that the "Safer At Home" is about to be lifted partially or completely, I do predict some homebuyers start to come out of their homes, go back to their jobs, and head back out into the market, so expect even more competition and be ready to put your best foot forward. Sometimes you only get one shot at submitting your offer, so make it your best.
Sellers may still be fearful of hoards of people coming into their homes, so I don't know if Open Houses will start back up. Many listing agents should still be splurging on 3D walk-thrus and high-end, professional photos to give homes the best online presence.
I think sellers will continue to limit the buyers that come into their home to only those who are pre-approved, so it is still highly recommended that if you are thinking of getting into the buying spirit that you meet/talk to a lender first. Then talk to a Realtor, because if Open Houses are not taking place, there is no other way to see a home other than with a Real Estate Agent.
Now, to answer the question of how I will be moving forward with my business:
Most of my inspiration for the rules above come from WRA rules/suggestions, seller feedback, and simply my effort to keep everyone safe. Hoping these three simple rules will be easy to follow!
Stay tuned...
Now as I mentioned before, I don't always put too much stock into predictions... so take mine with a grain of salt if you wish! The fact of the matter is no one knows where we as a society will go from here, and all we can do is try and be prepared as possible for every situation!
Until next time, stay sweet!
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