Grab your cell & start walking the property. In this room….Check out the acreage in the back yard…. The kitchen has been recently upgraded……new flooring….etc. are some of the words that come flying out of mouth while giving a cell phone video tour. Or, you can do it professionally for $250.
I have done Facetime as well for buyers as well.
Posting the videos strategically on Facebook can land you potential buyers.
“Up until today, I was telling them to wait,” because the market may drop some. Waiting is NOT a bad idea for a Buyer. For a Seller, SELL NOW!!!!
Rates are low & so is Inventory keeping prices stable!
Even with the real estate industry coming to a screeching halt in many regions as the COVID-19 pandemic rapidly spread across the US. With much of America under shelter in place orders and practicing social distancing, real estate agents have been forced to cancel open houses and in-person showings.
Buying and selling season is tougher this year
Usually this is the busiest time of year.
At the same time, 30+ million Americans have lost their jobs in the last 6 weeks. Their financial futures now hang in the balance. All of that places the spring buying and selling season, typically the busiest time of year for home sales, in serious jeopardy. According to Zillow, the number of new listings usually grows around 50% from March to early April, but fell 19% this year, as the virus spread. Listings were down 27.1% in the first week of April in New York City.
It makes sense. No one knows when social distancing rules will be relaxed, and if or when the economy will recover from this unprecedented shock. “Our understanding of US economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it’s understandable that some are hesitant to put their home on the market,” said Skylar Olsen, senior principal economist at Zillow. “But activity continues from those who need to buy or sell for a job, or another major life event.”
Transactions are still happening thanks in large part to an assist from technology and HISTORIC low interest rates – the LOWEST ever!!!
With open houses banned in some states and homeowners skittish to let would-be buyers in, real estate agents are turning to technology to give buyers a look inside properties. Real estate agents like Macaluso are recording or streaming virtual tours and holding open houses where buyers jump on a video conference to walk through the home. Many are using tech to turn 360-degree panoramic photos of properties into 3D virtual tours. In the last week of March, Zillow reported a 408% increase in 3D tours created on its platform, compared to a normal week in February. In March, listings that featured a 3D tour received 50% more visits than those without.
“I think there’s such a pent up desire from a lot of buyers who are frustrated they can’t do anything right now,” said Macaluso. “Maybe this is the way it’s going to be.” It’s not just showings that are happening virtually. Other aspects of real estate transactions, whether it’s getting an appraisal or signing documents, are also trying to respect the stay at home orders. Gloves, Masks & sitting outside are now the norm when signing loan docs.
Outside of the limitations on viewing properties, obtaining a mortgage on a 15 or 20 year term are just NOT competitive options right now..
“Interest rates are low, but that being said, the mortgage market is under a bit of stress right now because the government has required mortgage services to work with individuals having trouble paying their mortgage,” said Danielle Hale, chief economist at Realtor.com. “Mortgage rates are moving quite a bit day by day, hour to hour. Getting a mortgage or refinancing will require patience and persistence. It doesn’t mean it can’t be done. It’s just a little more difficult than normal.”
While uncertainty is driving inaction in this current environment, home buyers and sellers can take solace in the fact the real estate market was in a good position before the pandemic hit. A strong economy and the aging of millennials made sure of that. That should help it recover once the virus is contained. “There’s a massive amount of people hitting first time home buying milestones. They are getting married and having kids,” and need a home, said Zillow’s Olsen. “So much of life is moving forward, and housing is inextricably connected to life.”
As long as rates stay low until we come out of this SOON TO BE RECESSION, we should be fine! The Golden Rule is own your Home for 7 years. Historically speaking, even if prices DROP AFTER you purchase, HOME values will eventually be at the purchase price level or higher as long as you can hang on for those 7 years!
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