One of my clients asked me this very question the other day and I answered with a resounding “Yes”! Most people we speak with assume that, because of the pandemic, the market has come to a screeching halt and that prices have plummeted. Watch 3 Reasons why I say YES let’s get your home listed.
Neither of these assumptions are true. In fact, people are still buying and selling homes. We’re not seeing the volume of activity that we usually see in the spring market, but the market is not stagnant.
Prices have remained much the same as they were before the onset of the pandemic, much to the dismay of homebuyers. Home sellers are digging in and few are willing to take rock-bottom offers.
Interest rates remain incredibly low, and it’s the low interest rates, keeping homebuyers in the market even in the midst of a Pandemic.
How does real estate work in a country under attack by a virus? It’s different, that’s for sure. But the workarounds to maintain social distancing have actually turned out to be quite efficient.
Viewing homes for sale
A recent Realtor.com survey finds that nearly 60 percent of home sellers say they would be fine with holding an open house.
However, it’s not necessary. We’ve set up platforms to be able to hold Virtual Open Houses. We can set up 3-D tours and I’ve also used Facetime with my out of town client so they can see the home from the comfort of their own home. My clients love when I provide them with a personalized, detailed video tour.
One of the big real estate portals says that they are seeing an almost 500 percent increase in requests for agent-led video tours, while another portal is seeing a nearly 200 percent increase in requests for 3-D home tours.
But, will they actually buy a home they’ve only toured virtually? According to the aforementioned Realtor.com survey, 25 percent of homebuyers aren’t opposed to buying a home they have never toured in person. As a matter of fact, I provided my clients with a live video tour on Friday, was able to answer questions while in the house and they put in offer in that night!
The number of home showings across the country took a dip on April 12, but has been steadily rising since then (an increase of nearly 24 percent as of April 26).
The entire home buying and selling process has gone virtual, from home showings to municipal inspections, appraisals and closings. Locally, home and pest inspections are still happening as before.
Please reach out if you have any questions about the process and how we can help you navigate it during the pandemic.
Stay Well…Be Happy!
Suzanne
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