May 2020 – Real Estate clawing back

TRAFFIC VS INVENTORY

While many sellers and buyers understandably put home selling and buying plans on hold in March and April, the last three weeks have shown that making a move is looking much more do-able than it was a month ago.

First of all the number of buyer showings is coming back as shown by the chart above (courtesy of Showing Time). With technology and many fewer sellers listing their homes, you can list your house and make it happen safely and effectively and follow guidelines set by Gov Murphy,  the CDC and the NAR. Since most people are sheltering at home, people are spending a lot of time on the INTERNET and some are buyers actively looking at homes for sale online. But despite buyer traffic being low compared to normal spring markets, there are currently still buyers competing for the scarce inventory and having offers accepted. So the number of homes going Under Contract in area towns did not drop nearly as much as the number of Active Listings.

Less Competition – Quite a few sellers in April removed their homes from the market, but listings will pick up again soon, as a high percentage of sellers are only planning to delay the process by a couple of months. If you need to sell right now, don’t wait for the competition to get back into the market again. If the curve continues to flatten, delayed listings from the typically busy spring season will push into the summer months, so more competition will be coming to the market as the pandemic passes. Getting ahead of that wave now might be your opportunity.

Tech – We utilize tech to help both buyers & sellers who need to continue with their plans. We use virtual tours to show homes currently on the market, staying connected with the buyers and sellers thru video chats, and completing transactions more electronically. We’re making sure families remain safe and can keep their real estate needs on track.

Here are the types of clients we currently see:

  1. Families living in urban apartments in NYC, eager to move into a safe and spacious suburban home with a yard and less Covid risk.
  2. Families sheltering in place, seeing the need for first-floor living quarters that their aging parents can move into
  3. Renters with leases ending, and need to purchase a home ASAP
  4. Sellers planning to relocate and sell their current home
  5. Buyers with the intention of relocating for a job

Navigating through the pandemic, we face the challenge of keeping our community safe, while helping our clients meet essential housing needs. We have come up with a virtual way of showing homes to those who have to currently buy or sell. Here’s the menu to choose from to meet your needs.

DIGITAL BUFFET: My listings now have a fuller digital selection for interested Buyers to review prior to scheduling a showing. Each home features 25+ photos, a Video Walk-Through, a Floor Plan, a Virtual Brochure with full details on the house, and a Survey (if available), as well as photos of the mechanicals and ceiling height, and a Seller’s Property Disclosure, which are available upon request.

NO TOUCH SHOWINGS:

Each Buyer and Seller has different needs, and we tailor the showing process for them. We offer FaceTime or Zoom showings, both of which can be done individually or thru Virtual Open Houses.

For the buyers who wish to schedule an in-person showing in order to make an informed purchase decision, we have specific safety measures in place. They must be ready for the following:

  1. Buyer and Seller to sign COVID-19 disclosures prior to the showing
  2. Seller to leave all lights on, open some windows for ventilation and open all interior doors so that clients do not need to touch anything while in the home
  3. Buyer and Agent to arrive with their own gloves and masks. Booties will be supplied
  4. Agent to access the key in the lockbox and open the front door
  5. Ensure the practice of social distancing
  6. Questions, Answers & Discussion take place outdoors
  7. If arriving with young children, parents please alternate viewing home with one parent remaining in car with child
  8. Six people or less in home at a time and no overlapping in rooms

Bottom Line – Homes are still being bought and sold in the midst of this pandemic. If you or anyone you know need to sell your house and would like to know the current status in your local market, contact me to create a safe and effective plan that works for you and your family.

Find your home’s value quickly.

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