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The Impact of Covid-19 on Real Estate

Posted by admin on April 8, 2020
| 0

As the weight of a global pandemic bears down on communities, we are still only beginning to understand the impact that covid-19 is going to have on our lives, our businesses, our families, our homes…

What we do know is that we are seeing an impact in our industry. According to data just released by Realtor.com, the beginning of March gave every indication of a strong spring buying season. Unsurprisingly, as the month went on, we saw a decrease in new listings each week. The directive to “stay at home” has seemingly manifested in real estate, too.

What does it all mean?

If you ask me, it means that it’s a pretty good time to be a seller. While homebuyer interest has also seen a decrease in recent weeks, the fact remains that there are buyers out there who need a home to “stay at home” in. With low inventory, continued buyer demand and low mortgage rates, deals are still being made.

Recovering from covid-19…market predictions:

For now, we are in the thick of navigating this new normal of social distancing and staying home. Real estate professionals like myself are exploring new ways to (safely) sell homes with innovative marketing and client communications. Virtual consultations for people who might be interested in selling, digital and interactive ways for buyers to “walkthrough” a property, ability to submit and close deals online…thankfully with technology as it is today, those of us who have pivoted and adapted are able to continue to move the spring market forward.

My prediction is that the market will have a late start with new listings and buyer demand picking back up in mid-to-late May. For the luxury market, I foresee a later recovery.

So, if you’re thinking of selling your home, I recommend scheduling a virtual consultation in the month of April. This will allow you to be best prepared for listing your home at the front end of the uptick in market activity next month.

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