If you don’t follow Real Estate on a daily basis or even if you do, the response to Covid-19 has been a roller coaster, but an impressive forward-moving adaptation of the industry as a whole.
Almost immediately, across the nation Realtors were deemed essential. We began working under major safety precautions. Interestingly enough, online traffic began to increase, while open houses were immediately shut down.
During the most recent stay-at-home (SAH) order, the industry offered and advertised 3-D and virtual showings. Largely people have been buying homes from the photos and virtual tours for the past few years already. It’s only after they have viewed it online that they would then go see the prospective home. During the past few weeks, buyers have been doing the same thing, but they are writing offers before they actually see the inside of the home. There was even a new provision put in place for buyers to see the house for the first time at/or before inspection, they could pull out at that time.
Other aspects of home buying/selling have adapted as well—title companies are using remote notaries, drive-by and/or desk appraisals and solo inspections are also happening.
Now, after a month-long SAH order, I have been getting calls and experiencing a substantial pent up demand of buyers. It will only be a matter of time that they are back on the hunt physically and sellers that had planned to sell will put their houses on the market. According to the Colorado Association of Realtors in a 9News report, inventory of homes was already low in the Denver area, but there will be a surge of buyers when this is all over. There was an increase in listings in Denver after the SAH order, suggesting that sellers didn’t immediately take their homes off the market.
According to a deep dive report by Zillow economists, during the 1918 influenza and the 2003 SARS pandemics, economic activity fell sharply but snapped back quickly once the pandemic was over. People have all kinds of reasons for moving, and may not have a choice about the timing. While many people might postpone buying right now, the New York Times reports that some buyers see opportunity in buying, given the low rates and relative lack of competition for what continues to be tight inventory in for-sale homes.
Home is one of the most important things we have right now, pandemic or not. Now more than ever, people are starting to really think about their home and if it’s the right fit for their needs. Real Estate continues to be a solid place to put your money for an investment in your future.
STECK at Kentwood Real Estate DTC