Market Update: So we have Shelter in Place. That’s a new one!
1. Look at the stats. 13,976 homes to choose from as of last week. 14,426 the week prior. (a net reduction of 450 homes on the market (-3.2%) from the week prior) So there are still 13,976 homes to choose from which is awesome. There are buyers sitting on their phones looking to purchase TODAY.
2. Get creative. We’ll continue to evolve and keep our clients ahead of the curve. This is where we thrive.
- We have Virtual Agents waiting to help. We have done several home seller and buyer consultations over the past few weeks and they are going great!
- We are scheduling zoom calls with agents, buyers, and sellers to help show homes.
- We were proactive and scheduled 3D virtual tours for all of our clients currently on the market to beat the Shelter in Place.
- Our lender partners are offering electronic signatures of docs and remote closing options
- We offer remote notaries, curbside closings and in some cases video closings with Buyers and Sellers.
3. iBuyers (almost all but Keller Williams) have suspended their purchasing. As of today, Redfin, Zillow and Opendoor have all suspended their “Instant Offers” program. They are retracting from the market. When opportunity strikes, our local investors will be in position to win BIG. If you are looking to invest, please let us know as we are keeping a private list of local investors. When clients need “offers now” or to sell off-market, we will make sure you are included in checking out the homes that are the best values.
4. Learn something new! We have customized Video Programming starting this next week – We’re going to be hosting 30-minute chats on all sorts of different real estate, job, economic and home topics. If you have something you want to know – send us a note and we’ll add it to the list!
5. Should I wait? Lots of family and friends are asking us this question. We thought how better to answer it than giving you an actual text we just sent to one of our great clients.
“I’m going to put this in text so you are able to digest. Whatever you decide to do we will 100% support you. I just want you to have all of the info to make the best decision for you.
– we had a 14% decline in contracts (week over week) last week.
– more importantly, we had a 30% decrease in homes hitting the market and a 35% increase in homes going off the market.
– moral of the story – buyers are buying at a larger rate than sellers are hitting the market so there will be a small window of big opportunity for Sellers in the coming weeks where buyers are buying with less to choose from.
– once that window ends, there will be lots of sellers who have been sitting on the sidelines that will drive inventory up and create a reverse market.
– photographers will also be backlogged with weeks of sellers wanting to schedule
– we don’t need you to hit the market right away. We just think it’s wise to have some photos (even if they aren’t perfect) so that you can make timing decisions off of what works for you versus what the market dictates.
– we are working to keep you ahead of the market so you are in the best position possible.
I don’t have a crystal ball but the numbers are definitely telling me the future of our market. The photographers don’t need you around and they can work around you being on calls if we can keep it this week. We can always reshoot (at our expense) if we are wrong and the market loosens up.
Hoping that makes sense. We support you either way.”
We are in a “market of the moment”. We’ll continue to keep you up to date and ahead of the curve so that you, your loved ones and your community can make smart decisions for your family.