Monday Market Update: The Covid-19 Effect

Covid-19 has definitely had it's effect on the real estate market. Compare last years "new Listings" with "Sales" and it is clear that March 2020 was very different than March 2019. When the Shelter in Place order went in, listings came off the market and sales slowed.

The real estate community quickly implemented new ways to show houses. Our own office bought special cameras to generate a virtual walk through a home to "show" the home to a prospective buyer without having to actually go to the home. Our equipment creates a picture of the floor plan and combines that with interior photos. Then there are drone videos, and lots of professional photos which make is much easier to see a property on line.

The protocols now in place also help to ensure the safety of all clients involved. There are guidelines to follow if and when there is an in-person showing. Hand sanitizer, cleanings between showings, masks and non-touch methods to minimize risk. I can have all documentation sent electronically and can be signed digitally. I spend a lot more time on the phone and in Zoom meetings with clients, but questions are answered, reports are processed and results are achieved.

Inventory is growing as can be seen by comparing new listings in May 2020 with May 2019. Sales numbers will take a couple months to catch up, but I believe we are through the initial change and should start to see an uptick in new listings and sales over the few months.

Comments

Accessory Dwelling Units - Providing more Living Space

Accessory Dwelling Units – commonly known as ADUs if you are familiar with real estate lingo. These are the “tiny houses”, “granny units”, “In-law units”, backyard cottages”, “or secondary units” that you can build somewhere on your property to house well, your in-laws, granny, friends, or rent out for extra income. Many Air B&B’s’s across America are simply ADUs, or Junior ADU’s which means an area built within the confines of your home (basement, attic, master suite conversion.) Many people will buy a house because it has an ADU and that extra rental income can be quite a windfall in helping pay the mortgage. It could also come in handy if the folks want or need to move close to you – then they can help with your mortgage! There are many advantages to having these ADUs besides money $$$. But there is no doubt that having an ADU on your property increases the value mainly because of all the options they provide. Spare work out area, office space, music room, yoga studi...

Last Minute Gift Shopping? Here's some Ideas.

20 Unique Home Gifts for Every Person on Your List Every year, it seems the holidays sneak up on us—and every year, that brings with it the dreaded last-minute gift panic. Finding a present that hits all the right notes can be surprisingly stressful, even when it comes to people you’ve known for years. But have no fear! We’ve lined up a list of unique gifts for every “type” on your list. And since we work in real estate, they’re all centered around home life. From the coffee snob to the sports enthusiast, these presents are the perfect way to bring beauty, function or a touch of whimsy to your loved one’s home this holiday season. FOR THOSE WHO ARE ALWAYS IN THE KITCHEN We all know someone whose kitchen is their happy place—but once all the basics are covered, it can be hard to find the perfect present. These gifts will be a treat for the chef, baker, or food lover on your list, no matter how well equipped they are. 1. The Coffee...

35 Tips to Furnish your New Home for Less

Buying a new home is one of the most exciting experiences in life. And if you’re like most homebuyers, you’ll be planning your furniture placement and decor before the ink dries on your offer letter. But before you run to the nearest home goods store, take a deep breath. First, you’ll need to delay any major purchases before you close on your new home. A large outlay or additional line of credit could lower your credit score and, thus, impact your mortgage terms.1 Second, moving and closing costs can add up quickly, so it’s important to be strategic with your remaining budget. But don’t worry! There are plenty of ways to save on home essentials, and we’ve rounded up some of our favorites to share with you. PRIORITIZE WHAT YOU REALLY NEED BEFORE YOU START SHOPPING According to Home Advisor, the national average cost to furnish a new house is $16,000, but it can easily soar higher.2 That’s why we recommend starting with a thorough assessment of what you already have and what you actuall...

Keeping It REAL - by Bettsy Tyler

Search This Blog