Answering your COVID Questions
If you had asked me in 2019 what we were anticipating in the real estate market I would not have been able to foresee what we are experiencing now! In 2019 my 2020 market forecast was a transition into a neutral market. This means buyer demand and listing inventory coming to a neutral point where we were neither seeing a seller’s or a buyer’s market. Homes may still stay on the market a while longer in a neutral market, but buyers would have more homes to choose from. What a refreshing change this could have been for buyers during a 2020 home search! And then… you know what happened.
Spring of 2020 threw us all for a loop and there was a solid week to two weeks of an intense slow down in new listings hitting the market. This was due to the health concerns that most sellers had in regards to having a lot of strangers walking through their homes for showings. Totally understandable. As Realtors, we rapidly adjusted our marketing to virtual showings. Open Houses came to a halt and we were limited to 30 minute showing time frames that were not allowed to overlap.
As quickly as the market slowed, it picked right back up again! While the market as a whole may have seen a decrease in sales, home that were on the market and listed during that time and continue to be listed are getting as much demand as ever! In general I am speaking of single family residences up to $500,000 in the greater Milwaukee area.
If you are still interested in making that move, listing your home or selling an investment, below are answers to our most frequently asked COVID questions:
How will you keep my home safe during showings:
While there is always the possibility of risk during showings, ask your agent about requirements we can add to your showing instructions. This can include things like having hand sanitizer available for those entering. Asking agents and buyers to wear masks or take off their shoes. Liming the amount of people that are able to attend a private showing. If you leave closets and doors open we can ask visitors not to touch doorknobs.
Are open houses still going on:
Benefit Realty is happy to hold open houses for our listings. However keep in mind we are leaving it up to the seller and agent at this time as to their comfort level holding open houses due to the social distancing conflicts that can arise. Have a discussion with your agent about open houses.
Are you anticipating any contractual problems due to the pandemic:
Currently contractual issues arising from complications of the pandemic are few and far between. While initially we were seeing delays in appraisal and inspections these delays are beginning to dwindle and these activities are beginning to get back to pre-COVID conditions. We initially had concerns in regards to buyer’s ability to complete financing obligations due to unstable work environment, however those have become more predictable and for the most part are not causing any problems.
Is now a good time to list my home:
Absolutely! The neutral market is not here! It is still a seller’s market. Keep in mind that you are in your best position to buy a home when you your home is already sold due to low inventory. So if you are looking to buy and sell, talk to your agent about how to set yourself up to be in the best position to buy when starting your listing.
Written by, Angela Kallay – Broker/Owner – Benefit Realty