The coronavirus is having a major impact on the world, our country and most of us. My deepest sympathy goes to everyone who has been personally impacted in any way. Life is very different today than it was just a few weeks ago. Let me discuss Real Estate. I am not minimizing or dismissing any other profession but I am a REALTOR and Real Estate is a major component in our economy. It will be crucial for our recovery.
The “spring market”, the peak selling season of the year, has usually begun by now. Many owners want to move after school has ended or before enjoying the summer. However, the pandemic has essentially stopped the typical spring market, perhaps delaying it for months. Whatever the long-term results of this, it touches on something I see and say every fall and winter.
Fall, specifically September and October, is typically the second wave of Real Estate activity. While Real Estate can and does sell every day of the year, there are really two major seasons. After summer and enjoying the great outdoors, I suspect some return home from vacation feeling claustrophobic as they adjust to spending more time indoors while others want to sell before the new year.
What is interesting and happens every year is that many owners who were unsuccessful trying to sell, decide to wait until the next spring. Some are frustrated by the process; others want to enjoy the coming holiday season. Every year I remind people that houses sell every day, that most houses look their best in the fall and, as we are clearly seeing NOW, who knows what spring will bring? There are many who came to regret leaving the market in 2008. Then the market crashed. How many might have sold and moved on had they committed to trying to sell? And now this.
We started off 2020 with nice weather so the Real Estate market continued to perform well. Some still kept their houses off the market. Inventory levels remained low which undoubtedly concerned many wondering where they might move. What happens to their plans? Does this describe your situation?
How long will this last? What will life be like afterwards? What will be “normal”? How quickly will our booming economy return? There are so many questions but we have to look forward, don’t we?
In PA Real Estate is not considered an essential industry so we are not allowed to have direct contact with prospective clients. Properties that were already “under contract” are moving forward, likely relying on technology, although there are hiccups. Property “due diligence” inspections, mortgage processing and municipal inspections are facing hurdles requiring cooperation to continue moving forward.
However, trying to sell houses that have been recently listed or still on the market unsold is very difficult. We are not allowed to show houses in the usual way. We can rely on technology which is great but that puts buyers and their agents into the position of doing business without actually visiting a home. What could possibly go wrong? Taking new listings is equally difficult if we are following the rules.
I am confident that this will pass. Hopefully quickly! Owners will have an opportunity to decide whether to move forward with their plans, albeit delayed, or wait until some later date, perhaps “next spring”. I am here to help you and provide knowledge and insight to help you make an informed decision. Whether sooner or later, we can get back to normal and move forward with your plans.
There is no time for inexperience, empty promises or false expectations!
HIRE WISELY: We are not all the same!
Andrew Wetzel's Musings 