Recent global events, including COVID-19 and public health precautions across the country, are affecting the way the housing industry operates, and this rapid economic adjustment can be frustrating for many real estate professionals and organizations.
However, despite limitations, the housing market is adapting to these temporary conditions, and there are still opportunities for real estate pros to maintain a competitive edge. Read on for some information and tips to help you persevere through these uncertain times.
Interruptions due to COVID-19
Many industries are being impacted by the pandemic, including the housing market. According to realtor.com®, in each of the last two weeks of March, the number of newly listed properties fell by 13.1 percent and 34 percent, respectively, when compared to last year.
With this data in mind, evidence points to the usual spring housing surge being affected. As a result of newly depressed household incomes, many home buyers and sellers are waiting until things stabilize.
For the time being, people are cautious and putting listings on hold; however, the situation isn’t entirely bleak.
A prompt return to normalcy
Although cautious is the new normal, expect the market to bounce back. It’s important to note that the housing market, though heavily impacted, is not the cause of this crisis.
The market itself is still in a great position: Houses remain appropriately valued, and the purchasing power of potential buyers is proportionate. As seen in the aftermath of prior economic crises, experts predict the market will respond with an economic expansion.
In fact, using GDP as a benchmark, economists predict a steep rebound in the second half of the year. Prepare for a boost in business in the aftermath of this pandemic as well as a return to normal operations.
An increased demand for digital resources
With stay-at-home mandates in place across the nation, buyers are opting to stay in, and open houses are not able to occur as usual. To stay top of mind with clients, we suggest continuing to communicate digitally with prospecting buyers and sellers. People still want to stay in touch and plan for the future as best as they can.
To support the government and health agency efforts, rather than hosting open houses at this time, it is best to utilize digital touring options, 3D scans of your properties and video chat meetings with buyers. Another idea that real estate agents are putting into practice is encouraging buyers to get pre-approved for a mortgage.
These solutions can all be put into place remotely and will encourage buyers to stay engaged. Using digital resources will help ensure continued work and excellent services.
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