After two weeks of #stayathome the real estate world is settling into a new ‘normal’.
First, let’s take a look at this week’s stats…
Both new and coming listings dropped this week, pending sales slid down a little and price changes increased by so little it was virtually unchanged. Listings back on the market dropped down again.
Of 476 current Coming Soon listings, a little over 25% are scheduled to become Active after May 4, the currently scheduled end of this round of #stayathome.
These stats are in keeping with an update from the National Association of Realtors yesterday.
“Home sales will decline this spring season because of unique economic and social consequences resulting from the coronavirus outbreak, but much of the activity looks to reappear later in the year,” says Lawrence Yun, NAR’s chief economist. “Home prices will remain stable because of a pandemic-induced reduction in inventory coupled with less immediate concerns over foreclosures.”
Indeed, mortgage servicers are also saying they are unconcerned about a flood of foreclosures hampering the housing market since swift actions were taken to offer forbearance options to out-of-work homeowners. Home prices are thus largely expected to remain stable. Seventy-two percent of REALTORS® said sellers have not reduced prices to attract buyers, according to NAR’s Economic Pulse survey.
Showings stopped their freefall, and may show an increase again due to the biggest change in the real estate world this week…
Live Streaming “Virtual” Open Houses and Virtual Showing Requests were both added to the MLS
These were already happening, but this formally adds it to our new ‘normal’. Links to virtual open houses can be added to listings and virtual showing requests can be measured.
Immersive 3D tours are becoming more and more common as the goal is to enable buyers to experience new homes without leaving the safety of their own home. There are various options used, here is one example from the professional photographer I have been working with for years…
Other ongoing aspects of our ‘new normal’…
- Closing are limited to the closer and signing parties only
- Pre-signing for sellers is standard
- Closers utilize shields as a protective barrier between them and the clients
- Consultations are virtual, including staging consults
- Signings except for closings are electronic
- Home inspections are inspectors only
I will keep you updated each week as we work our way through this together.
Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com
