As we get into the second quarter of 20 20 having gone through after eight weeks of quarantine there is a lot of fear around the Real Estate market, COVID 19, and the coming future.
There are a few things that are becoming the “New Norm” leading to a complete potential revamp of how homes will be selling from here on.
New strategies that need to be put in place just so the sellers, buyers, agents, home inspectors, and appraisers all can participate in social distancing as a team through the transnational process.
As we continue to receive more inquiries of people wanting to sell their home right now, and by “right now” it means in the next 30 days which brings up so many concerns and questions about pricing, showing, transnational coordination, so on and so forth. Like everything else each step is almost invested with social distancing in mind and price sensitivity and price analysis at a deeper level than ever.
The funnel of buyers have been reduced to a remarkably low number due to the loss of a job, ability to view properties in person to be approved for a loan or even if those who have current jobs may not be able to get income verification at the time of closing if their bosses don’t think, they can sustain the job.
Talk about variables that are heading our way and how does one mitigate through this process in any reasonable way besides analyzing data when it comes to pricing!! As an agent we are spending on digital marketing & upping the game on video marketing !! Increasing buyer qualification by one more level to and getting deeper into how long will their jobs be guaranteed. That’s right, who do they work for, and does this business sound like it’s in trouble !! Adding a few extra layers of due diligence to process.
The end game is the same, the process has changed and the need for agents who will weather through this process for their client successfully, will need more heart and hard work, there is no doubt.
For the seller this means choosing an agent wisely and not to be lured by high listing price just to have it reduced later over and over until it gets embarrassing for the agent to even call you back.
These are new and unprecedented times in all areas and Real Estate is one of the biggest financial decisions it too will need to be adjusted. Remember it’s never a question of whether your house will sell, in New York property always sells, for the right price, the proper marketing, ease of transacting, and proper communication through the process.