The coronavirus epidemic is having an effect on all of us with our work and at home.
Posted March 22, 2020 in Real Estate Trends
We are witnessing dramatic affects to values in the stock market. Real estate values are holding steady helped by strong market activity experienced through March 13th locally. The real estate industry as a whole historically has embraced new trends related to technology. Indirectly this has prepared us well to respond to the current dynamics we are encountering.
Realtors are ready to provide service remotely:
- 80% of active Agents work remotely through the use of emerging technology used within the industry.
- Realtors have access to widely used apps for video and phone conferencing.
- DocuSign and other e-signing platforms already in use.
- Matter-port for 3D and Virtual reality walkthroughs.
- Video streaming of a home to a buyer whether it be live or recorded.
- Mobile notaries for signing closing paperwork at your place of business or home.
- Consider new construction as walking and viewing homes will be much accessible with a limited risk of virus exposure.
- Mortgage rates have reduced allowing buyers to have more affordable house payments, or the ability to qualify to purchase a more expensive home than previously. I.E. With an interest rate of 3.2%, a homebuyer with a $2,500 monthly mortgage budget could afford to purchase a home priced $51,250 higher than in March of 2019 when rates were 4.4%.
- We have been in a seller’s market due to inventory levels being so low in SW WA.
- If you are not on the market monitor the situation with your Agent to pick the best timing.
- Ask your Agent to do a video tour highlighting the home. This can be sent out to interested parties and shared online.
- Note that you will accept offers contingent on buyers walking the home in person.
- There will be pent up demand once relief of the current situation as a whole has lifted.
While no one knows what the next weeks or months might bring, we do know that today’s technology will be a valuable asset for all agents, sellers, and buyers who want to mitigate the impact of COVID-19 on their lives and business.
If you have questions or need help with buying or selling please give us a call at 360-609-0111 or email us at email@example.com.
Managing Broker | ReMax Equity Group
Wollam & Associates
Real Estate Expert