During this unprecedented time, it's important to know how COVID-19 & the associated mandates will effect the real estate market. Check out this short video explaining the market conditions before, during & potential conditions after the mandates are lifted.
BEFORE COVID-19:
The Pennsylvania real estate market has historically remained relatively consistent. We fortunately don't seem to experience the massive swings like other areas in our country. Prior to the COVID-19 pandemic, the real estate market inventory was just a little low. This means that sellers generally had the upper hand because there were more buyers in the market & less homes in which they could choose.
DURING THE MANDATE:
Not surprisingly, there aren't as many buyers & sellers coming together during this time due to the fact that Realtors cannot facilitate face-to-face showings. Surprisingly, however, the market is NOT at a standstill! By using digital signatures, virtual tours & different technology - sellers are still listing their homes & buyers are still buying! There are some safeguards in place, but in general, a good Realtor can still help their buyers & sellers make progress even under these conditions.
PREDICTION:
With the backlog of buyers wanting & needing to buy, the lift of the mandates are going to open a floodgate of buyers into the market. Homes are going to sell very quickly & multiple offers are expected. Not having your home on the market at this time may be a decision that will cost you dearly.
HOW YOU CAN BE R.E.A.D.Y.:
Reach out now - get your real estate team behind you now so that you secure the relationships before everyone is too busy to take on new clients.
Explore Virtual Options - while it's not as good as seeing something in-person, be open minded to these possibilities as the best way to facilitate showings
Address Docs - 100% of all listing or buyer paperwork can be done online. A buyer can even do about 70% of their paperwork before they find a house in which they want to pursue. Doing this now will save you valuable time later.
Don't Delay - be ready to go. Think things through now so that you can make prudent, yet quick, decisions when the time comes.
Yes - be ready to say "yes" to the options that your real estate team is offering. In these less-than-ideal situations, you have to be flexible with what's being offered.
If there's anything that you need, I'm always here & happy to help!
Katina Hunter
Multi-Million Dollar Producing Realtor
Coldwell Banker