You may have noticed less mail in your mailbox, less advertising, less homes for sale, less demand of your time. At the same time, you may also notice more direct contacts from vendors that usually do not reach out, more and longer conversations with people you interact with, and more appreciation of others and the beautiful environment we live in.
In Real Estate, we are seeing real buyers and sellers, except less of them than usual. Left behind are the tire-kickers and looksee-loos on the buyers’ side. Realtors are quickly adapting and offering videos of the inside of the home while presenting it to prospective buyers, virtually. Buyers have responded very positively and are requesting videos before donning the masks, gloves, and shoe coverings to go visit the home physically. The outcome includes showings of homes where buyers already have seen the finishes, layout, and condition of the home through the eye of a camera. At the showings, inspections, and closings, everyone shows up with the protective gear on.
On the sellers’ side there is also good news. Some sellers have taken their homes off the market for varying reasons. The result includes a reduced amount of homes for sale and less inventory for buyers to choose from. This receding effect means less competition for the sellers, as well. In April, from the sellers’ side, we had listing appointments, professional photography shoots, walk through videos, and showings all done while maintaining social distancing and following the guidelines for self-protection. An added outcome is that prior to confirming any showings, buyers and their agents must provide proof that they can afford the home and describe their level of motivation to buy the home. They are asked to visit the virtual walk through video prior to confirming the appointment.
The financial challenge that we are facing as a community will inevitably revert and Real Estate will be a key driver to stimulate the economy. At this point the interest rates are very low. In the case of one of the buyers for our listing, they were able to lock their rate at 2.75% on a 30-year fixed mortgage. With the cost of capital so low the time to buy real estate is fantastic. Now that the panic has been replaced by the desire to work through each of our industries to the best of our ability, the market will continue to move forward. Albeit, at a different pace.
The change in the community now includes the use of our time and resources more strategically without the busyness that can hasten our judgement. It is a perfect time to ponder where you want to live in the near future. As Realtors, we sense that right now, we can better sift through the buyer pool and get to only real buyers.
Our gratitude extends beyond the blessings of faith, family, good health, adequate food, water, electricity, shelter, clothing, sanitation, education, healthcare, and internet to having you as our customer base in the United States of America where together we will come out ahead and better for it. What a time it is to be grateful and to have faith!