Navigating the Market Through a Pandemic

written by EMILY MERKLEY, association executive, Cache Valley Association of Realtors

The changes that have been made over the course of the last several weeks have shown us how resilient people can be as we've adapted our lives to make the most out of current situations. These changes, in response to the COVID-19 pandemic, have also pushed REALTORS® to think out-of-the-box and get creative when it comes to providing for their clients. Real Estate is deemed an essential business in Utah, so agents have had to adapt to a whole new world of working through restrictions and safety standards as they have continued to help clients buy and sell homes in an evolving market.

Coronavirus has impacted the real estate industry in a big way, and REALTORS® have been quick to adapt to new regulations surrounding how listings are marketed, how brokerage firms operate, and the evolving process of home inspections and closings. REALTORS® have made every effort to create a safe and clean environment for clients that are both buying and selling a home, and that includes covering their shoes when entering a home, wearing gloves and masks, and even taking care to wipe down and sterilize surfaces in an effort to protect others during home showings.

All these efforts are made to keep the real estate markets moving forward despite the pandemic. In some cases where clients may not feel comfortable or may not be able to leave their home, REALTORS® are taking their clients on digital and live video tours of homes. They have even been working to produce a coronavirus addendum to the real estate purchase contract in an effort to create greater flexibility that takes into account new potential issues throughout the process.

Cache Valley REALTORS® have also been making great efforts to enhance the virtual tours on home listings. This has allowed buyers to narrow their searches, and it also funnels in serious buyers for sellers, while eliminating non-potential properties for buyers. The changes taking place have helped REALTORS® and clients embrace technology in ways that has allowed them to connect virtually and work together to achieve their dreams in the home buying and selling process. Some of the changes, like those being embraced by mortgage companies, may become the new normal, and REALTORS® are ready and able to take this journey with you.

Buying a Home Helps the Economy Buying a home is a substantial economic driver today, and as housing picks up in the coming months, it will be an even stronger recovery force throughout Utah and the country. If you’re in a position to buy a home this year, you can have a significant impact on your local neighborhoods and safely make the move you’ve waiting for. It’s a win-win!

EXISTING HOME. When you purchase an existing home, you’re generating jobs and income for a lot of people! The average economic impact of ONE home sale in the U.S. is $41,124. With a new construction home, the impact is almost DOUBLE, as that amount increases to $84,724.

NEW CONSTRUCTION. Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters, and schools.

JOBS, JOBS, JOBS. Job creation through housing is broad-based. Building new homes, purchasing new, or remodeling existing homes generates jobs in industries that produce lumber, concrete, light fixtures, heating equipment, and other products that go into a home.