I never thought that I would say that a virus would change the way that we buy and sell Real Estate. Corona virus will Change the way you sell or buy a home. As a professional Real Estate Photographer and Marketing specialist it has quickly come to my attention that things have drastically changed within a mere 10 days.
Our office went from fully staffed and operational to EVERYONE IS NOW WORKING FROM HOME. The transition has been okay and everyone is adjusting. While I look at all the reports and try to determine the direction to take, I realize that business will and has already dropped off. Sure, things will get back to “Normal” at some point. This post isn’t going to go into the dirty details of the COVID 19 virus, there’s plenty of info out there. Besides that, by the time this get’s posted, things will have changed again.
But what we are going to discuss is How are you going to get your property sold? Should I be looking to buy a property? There are so many questions that buyers and Sellers are asking themselves. These are really difficult times. Part of what I do as a service to agents is make marketing calls. This consist of reach out to various communities with the goal in mind of developing relationships within said communities.
Here’s what I have found out. First, over the last 90-120 days there has been steady activity within our local market has been steady. However, it would seem that the market has been slowing down prior to the COVID 19 outbreak.Since the Federal recommendations on Social Distancing and other strategies to attempt to slow the spread of the virus the market has simply put on the breaks.
So what does this mean for sellers that are currently listed? Or buyers that are in the process? Well, I would say that it all depends on the the needs of either side of the transaction. If you are a buyer and have steady employment you should serious consider moving forward. Mortgage rates are at an all time low and probably never be lower. So why not take advantage of the current market and get that dream house you have always wanted. Let’s face it, the longer this goes on, the more it becomes a “Buyers” Market.
For the Sellers, it’s a different situation. But, there is a silver lining. Here we go. If you are selling a home and are concerned that buyers are simply not looking, think again. Most advisers will extend the advice as I previously stated go ahead and buy if you believe that your employment or financial situation is stable. As a seller this can be a welcomed approach. Many sellers will pull out of the market due to fear. If your property is available, then you just moved to the front of the line.
Rates are low and this helps everyone. Buyers and Sellers. Now for Logistics How are you going to get buyers in the door? How are sellers going to sell without having someone enter their home(s) not knowing if that they are carriers of the virus or not. I don’t think testing everyone that wants to view a property is a good solution. Open houses are or should be completely OUT. However let’s look at the open house a little closer. With all of the video conferencing options out there you may want to consider a VIRTUAL OPEN HOUSE.
If Your home is vacant you should consider getting the property professionally cleaned. There are cleaning products that will virtually take care of 98% of the germs. You can also add a hand sanitizer at the front door to help in the transference of germs.
With all that being said. The realty of the Real Estate Market is that people shop on line. With that in mind. Do everything that you can to ensure that you have great photos, a tour and any other option such as video and aerial photos. This is the one thing that hasn’t changed. The big difference is that the market has slowed down and buyers are going to be a lot more selective with the properties they do view.
If you have a property on the market and the photos or should I say ” The Presentation” of your property is less than par, you should consider going a “Photo Update”. This will get you some additional activity as well as helping you get more views. You want to consider a 360 or virtual tour. If the property is vacant you may want to add some virtual staging. All of these things can help your property get buyers looking and help these buyers make better decisions.
Things will be different as far as the way properties are bought and sold. But if we are creative in our thinking, we can continue to grow our businesses while serving those that really need our help. Stay positive and most importantly, stay healthy.
Until next time, Make it a Great Day!