The Potential Impact of COVID-19 on Real Estate

What does the COVID-19 pandemic mean for our local real estate market? Many people are wondering how the various closings and social- distancing measures will affect real estate across the nation, but more specifically, in our local community. We wish we had a crystal ball to predict what the future holds.

We know all of us are all struggling right now to keep our lives as stable and as constant as possible while living in a new state of 'normal.' This is a whole new reality for all of us, and it might feel like there's just no future right now, because we don't know what the future holds.

We are committed to you, our clients, our team and our community when it comes to providing advice and resources as to the future of real estate.

We want to be a resource for you right now.

While we don’t have that crystal ball to see into the future, what we do have is an understanding that homes will still need to be sold and bought, especially as businesses re-open and resume normal operations. While many are taking a break from their home searches in person, there are a variety of alternative ways to conduct real estate business even while avoiding person-to-person contact. The most obvious of these is the online search. If you are currently working with an agent, he or she can continue sending electronic listing notifications and e-alert updates in real time as they have always done. You may still peruse houses on other websites like Realtor.com and Zillow and so on. For those who are actively viewing homes and need to make a purchase, your agent can offer services such as FaceTime or other video previews of homes where the agent ‘walks’ you through a property while you’re on the phone video conferencing. Some listings may offer 3D virtual tours which allow the user to explore an entire home from their computer screen without having to set foot in the actual physical space.

We are continuing to work, advise, and have listing appointments all over video chat or phone call. You may not know, but our brokerage, eXp

Realty has always been a virtual brokerage. Being a virtual brokerage was one of the most intriguing advantages when making the decision to move brokerages to eXp two years ago. Even with the United States on hold, nothing in our nationwide brokerage has been stopped or shut down. We are still having team meetings virtually and all of our employees are still working. All of our systems are still productive and focused for our clients. We are not slowing down.

For sellers who occupy the homes they are selling, extra precautions can be taken such as wiping down all hard surfaces, doors, handles, etc before and after all showings and asking visitors to refrain from touching items. Providing soap & towels for hand washing or sanitizer is another great way to help keep safe if buyers are coming to look at your house. As with any major world event there will be an impact on the economy. To what degree remains to be seen, but our professional perspective is that when the dust settles, buyers and sellers will be resuming their regular plans for selling and buying homes. Most of the people who were in the process of putting a home on the market or searching for a new home were at a place where a slight delay due to self-quarantine wouldn’t have a large detrimental effect on the process. What we mean is that at the time in which COVID-19 made the biggest adjustments to daily life, the chances were that hitting the “pause” button on real estate transactions would not negatively impact the outcome.

On a positive note - with all the time at home, now is the moment to start the project(s) that may have been put off for getting your home ready to sell. Start by de-cluttering a closet or two, or touching up that paint that needs freshening up. Weather permitting, get outside and start on the Spring cleanup of your yard or garden. Looking to meet with an agent for the first time about buying or selling? Reach out online and set up a video call to ‘meet’ that agent virtually.

As a nation, and as a community, we pull together in times of challenge. Adjustments are being made in order to ensure the highest level of safety and comfort for all involved. Real estate professionals recognize that the need for shelter, for a home, does not stop just because there are outside factors at play in our country, state, and city. There may be a temporary pause in transactions for local real estate, however, we are confident that

as people emerge from the isolation and return to their regular lives in turn the real estate market will heat up again, perhaps even more fervently than in years past.

To that end, we have created a Calendly page where you can set a call or video chat to discuss real estate with us and what the future looks like. If you think you are ready to sell or buy this year, we are happy to have a talk just to see how to prepare when the country comes out of this crisis.

With so many advances in technology in today’s society we are more equipped than ever to adjust real estate transactions to more of an online workspace. Make the most of the time at home by working on getting ready to put your house on the market or to pack up and move to your new home. And, if you have any questions about what the market looks like in your neighborhood, give us a call. In fact, you can even set up an online consultation from the comfort of your couch! ‘Meet’ with us virtually and we’ll be happy to give you the latest updates on what’s happening in your neighborhood and share tips on how to maximize your efforts in selling, or what you’ll need to do in preparation for purchasing a home.

We are always available to help, guide, and give honest and professional advice to anyone who asks. Our door is always open and our video chat is always on. Go ahead and make an appointment anytime. There is no obligation at all. This is a resource for you to help you figure out how to plan for your future. We are part of your community and we are dedicated to helping our neighbors and friends navigate through this. We are in it together.

Be Well,

Kati Spaniak - Team Leader & Founder, The Spaniak Team Heather Johnston - Chief Operating Officer, The Spaniak Team

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