Covid19 and Real Estate

What impact will Covid-19 have on real estate? The question is a tough one to answer right now, and it leads to a number of questions that I have already been discussing with clients, business owners, investors, friends, and family.

In a time where fear is spreading faster than the virus itself, it is important to be real about the obstacles we face, while also being informed about how we can turn some of these obstacles into OPPORTUNITIES.  Misinformation is also on the rise, and at times creating an unproductive level of fear.

Here are some of the common questions I have been getting that I can give some basic answers for now.

1. Are people still buying and selling?

Answer: YES! And, a lot of agents are still working as well. Many agents are putting in extra hours to accommodate the folks who are wanting to capitalize on low interest rates. The spin factor is we are having to adapt HOW we do business for the time being, to do our part to limit the spread of the virus. Examples of this will include video showings, virtual buyer consultations and listing appointments, and virtual open houses. We are going to be following the advice of policy makers and government officials as things continue to progress, and as you all know, things can change very quickly.

2. How this will change experiences for buyers and sellers?

For buyers: VIRTUAL ONLY open houses are starting to become more of a thing (especially on homes that are currently occupied) as public group sizes are limited. For offer writing, we will be doing a lot more screen sharing and walking through negotiation advice via video conference vs. in person.

For sellers: REALTORS® are adding 3D walk throughs for listings. This will allow people to do virtual walk throughs on demand.

Local REALTORS limiting PHYSICAL contact with each other and with the community as much possible, and in the few cases of physical meetings that are still occurring, we are practicing a minimum of 3-6 feet of distance, but only where face to face meetings are merited and/or still allowed.

Also, we are RAMPING UP our availability to answer questions, to consult, and to serve, both inside and outside of the real estate industry. On that note, if you have any basic unmet needs that need to be addressed (food, water, and of course the allusive toilet paper!) reach out to your local REALTOR community.

Although we aren’t medical professionals  (this is my disclaimer to make sure folks don’t think I have all the answers nor do I have a crystal ball), REALTORS are committed to serving your real estate needs however we can.

Tim Rist,  Oregon Managing Broker & Team Owner

RIST Group | Keller Williams Realty Mid-Willamette