COVID-19 and the Real Estate Market
We hope this note finds you and your loved ones healthy.
We are writing to provide you with an update about our ongoing efforts to support our customers during the coronavirus outbreak.
What Impact is COVID-19 Having on the Real Estate Market?
Real estate supply and demand are largely in balance. It’s fair to assume that — barring a devolution into a far worse global health emergency — job creation and economic growth will both decelerate but REMAIN POSITIVE. This should SUPPORT real estate fundamentals and lead to a relatively STABLE outlook for the sector over the remainder of the year.
The biggest real estate impact from the coronavirus will be in the hospitality sector as tourists cancel vacations and corporations curtail employee travel. Thus far, the only impact we have seen is due to restricted travel. As the travel bans begin to release, we should see things pick up again in terms of showings and contracts accepted.
Precautions We Are Taking to Keep Our Clients Healthy!
BUYERS:
HD Video Tours – We are offering a free High Definition video service of any property to prospective buyers. Agents will highlight the pros and cons of the property and all important information helping you feel like you’re actually there touring the home!
Zoom Buyer Consultations – Our agents are available 24/7 to answer your home inquiries and can set up virtual zoom buyer consultations to make sure we are meeting all of your real estate needs.
On-Demand Home Search – Unlike Zillow and Realtor.com, our website e-alert system is updated in real time as homes hit the market. This helps buyers secure the home of their choice before it goes into multiple offers. This is important in a low inventory market.
Mortgage Advisor Partner – Our lender partner is available 24/7 to help you on the path of obtaining financing for your new home. Everything can be done electronically! Interest rates are still low!
Electronic or Mail-Away Closings – From contract to close, all can be done electronically! We close several homes a year via this mail-away process. You will be guided along the way and all documents will be provided to you via mail or electronic e-mail.
SELLERS:
Free HD Video Service – We are offering a free High Definition video service of the property to prospective buyers if sellers wish to deny showings for a period of time.
3D Virtual Tours – We are offering a 3D clickable tour through Zillow to prospective buyers.
Notice to Realtors – We have updated all Realtor remarks on the MLS for other agents, notifying them to remove shoes for showings and to sanitize their hands prior to entering any home.
Increased Marketing Budget – We have several social media and marketing platforms that we utilize to expose your home virtually to both buyers and their agents in Florida and in other states and countries. We have increased our budget on this for the next two weeks to help ensure consistent exposure.
Virtual Open Houses – For those not wanting to continue with regular open houses, we will be offering virtual open houses for prospective buyers. Ask your agent about this option if interested!
What Can You Do As a Prospective Buyer or Seller in the Meantime?
BUYERS:
Be ready. Continue moving forward with getting your funds in order and obtaining your pre-approval.
Communicate with your real estate agent about what you’re looking to purchase and when you wish to be in your new home. When the home that is right for you pops up, you’ll want to be ready to pull the trigger and pull it fast! There is low inventory and we expect many of the homes to go into multiple offers until the supply picks back up.
Take advantage of our video service if you can’t make it here now. Rates are still low and have opened up opportunities to many buyers who previously could not buy. If you’re wondering if you can now qualify, reach out to your real estate agent and they can connect you with our partnered mortgage advisor.
Our agents are available 24/7 to respond to your home inquiries and provide you with a full HD video of any property so that you are ready to make a strong competitive offer without you having to risk your health. We are able to assist via video throughout your inspection period as well. We do this on a normal basis for our clients who live up north who can’t make it due to inclement weather.
SELLERS:
Keep your home on the market! Rates are still low, buyers are still making offers and inventory remains low. Right now is the best time to get the best value for your home. You can expect a small decline of showing requests over the next week, however, we expect this to pick back up again in the weeks to follow.
Keep sanitizer by your front door along with a sign asking visitors to remove their shoes and sanitize their hands. We are happy to provide such sign to you if needed. Please reach out to your agent!
Keep up with your home search. You need to be ready to pull the trigger on a new property once yours goes under contract. Keep your realtor informed if your property interests change and continue with getting your finances in place and ready to go.
We appreciate your patience during this time.
Stay Well,
The Sarasota Gulf Coast Realtors
CLICK HERE to view Virtual Home Buying Options