How's the Market? 2020 & COVID Recap
How's the Market? This is the number one question we are asked. Frankly, I wasn't sure how we were going to fare through a shutdown. It's one thing to keep our real estate market propped up for a month, it's quite another to keep it going for three months, but here we are, and the market opened with a boom!
Buyers and sellers are demanding the safest, most effective process possible, and that means using more virtual tools and digital strategies such as advanced SEO and target audiences to find the most buyers. The old Zillow and Realtor.com platforms are no longer enough. Thankfully, we've had these advanced strategies in place for some time, so our business didn’t stall during the shutdown.
Though buyers can view homes in person now, they couldn’t in the beginning. All showings were from our photos online. Even so, our first virtual listing still generated multiple offers in only six days, and without any buyers physically viewing the house. I expect a strong seller's market to continue for a while. Inventory is low, and we are in desperate need of listings, by the way!
Safety protocols are crucial. We require agents and buyers to wear protective gear while viewing a home. We recommend sellers leave the lights on, and interior doors open, so buyers do not have to touch things. We make the process as safe as possible.
Out with the old. We don't know that our real estate process will ever go back to what it was, and frankly, I don't think it should. Public "Open Houses" have been re-introduced, however, in my opinion, with strategic marketing and professional photography, they aren't necessary. Pre-approved buyers can see everything they need to see online, and if there is serious interest, they can schedule a private viewing. Buyers who are ready to buy are not going to wait for an Open House one Sunday a month to get inside. Of course, we will still do a public open house upon request.
The panic pricing and lowball offers some experts projected, never materialized. We are seeing offers well over asking in many cases. Of course, we don't know how the real estate market will respond to the current turbulence long-term, but right now, our neighborhood feels like it is in a little protected bubble. Keatington is faring very well. Thanks for reading, reach out if you have any questions about the market at all.
See you on the water!
Gwen and Roger