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I wish we could all pass on the Coronavirus and return to the way life was before while holding on to the kindness & caring we have rediscovered and not losing people. Alas, we are learning to live with the virus.
At this writing (4/24) we are still in the surge in Massachusetts. Many towns are requiring masks when outside, and you are in the minority when not wearing a mask in a store. The most recent stay at home advisory ends May 4, and I am not sensing a great Cinco de Mayo! Gov. Baker has closed school building for the rest of the school year, and we await how we can lower the shields.
What was the impact on real estate? Real estate agents want to project bravado and say all is well…stay calm (like Kevin Bacon in Animal House before being run over by the cake.) Here is the truth: there was an impact. Business retracted like the week between Christmas and New Year’s. That said, houses going on the market tended to get offers because we are still low on inventory. Luxury homes are slower to recover.
Now we are returning to prior levels. Showing Time, an appointment center used by many and not all agents, showed a 37.6 % decrease in weekly showings as of March 29 compared to a 30.2% increase in 2019. A huge swing. On April 23, the 2020 weekly showing stats were down 5% compared to up28.5% in 2019. Still a gap and heading in a better direction.
If someone wants or needs to sell their home, this is a great time. Inventory and interest rates are still low. We can do many things to limit exposure. That said, eventually a buyer will need to come in the house. While we can do our best to spray Lysol and clean doorknobs and light switches, limit touching, wear masks & booties making even Dr. Fauci proud, we cannot guarantee someone dripping COVID-19 will not go in the house. For sellers where this is an untenable risk, we recommend either waiting or moving out of the house. For others understanding the risk and comfortable with and helping with the mitigations, now may be a great time to buy or sell.
Others have asked if prices are dropping. What I am seeing are buyers looking for a bargain, and sellers saying no bargains. There is often a gap between buyers and sellers, it is sometimes more pronounced and addressable.
It seems this virus thing is going to be around for a while and surging along. As a society we need to learn to live with the virus. Closings are still happening every day.
In these difficult times I am grateful to have the opportunity to help buyers and sellers with their housing needs. If you need to discuss your housing situation we can hop on a phone or zoom call and chat.
Stay sanitized!
I’m not a huge fan of Zillow, etc for buyers. Here is an app for your phone/tablet tied directly to the MLS https://www.homesnap.com/Gary-Kelley
Gary is heard on WCRN AM 830 discussing “All Things Real Estate.”
If you need advice on selling your home or buying a new one, give us a call 508-733-6005.
Kelley is a Certified Luxury Home Marketing Specialist™ (CLHMS) and award-winning Realtor. He invites you to follow him on Facebook at https://www.facebook.com/MoveWithGary/
Gary Kelley,
Realtor®
508-733-6005
MoveWithGary.com
