REAL ESTATE NEWS - COLDWELL BANKER

What do you need to know about the impact COVID-19 has had on real estate? WRITTEN BY TOM CALL

The adage “real estate is local” holds true, as every market was impacted differently by COVID. Some slowed down significantly in March and April, while others were much less affected. In my conversations with offices across the country I have seen one commonality: Low mortgage interest rates have the market booming!

Three additional trends seen across the country.

1. Home prices did not drop. In fact, in our area, prices rose over the same period last year.

2. Lack of inventory. Understandabley, some sellers were and still are reluctant to list and show their homes to the public

3. Resilience of our agents during lockdowns and stay-at-home orders. Agents continued to make connections, show houses and close contracts, albeit virtually.

Other markets saw a bigger impact, such as those where real estate was not deemed an essential service or where the effects of COVID-19 were particularly devastating. The bottom point for many such areas occurred in late March and early April, then they began rebounding in April and May. It fell somewhere in between completely shutting down and having their numbers up.

Despite uncertainty and, at times, fear, Coldwell Banker agents kept doing what they do best – serving clients and this community. Real estate is very much open for business and if you think it might be the right time for you to buy or sell, contact a Coldwell Banker agent who can talk you through exactly what’s going on in your market. COVID-19 represents a great upheaval to our everyday lives, but often the greatest opportunities exist in periods of tremendous change.

Real Estate in the Virtual Age

Offices relied heavily in March, April and May on virtual tools to keep businesses running. When lockdowns first began, broker-owners and managers kept offices communicating through tools like Microsoft Teams and Zoom. Many utilized training sessions from home office including the virtual education expos for skills such as online marketing or virtual showings. Generally, the agents that remained active with virtual listings or on social media continued to do well. While Facebook live is often cited as the go-to tool, Instagram and TikTok are not just for millennials and Gen Z, but for a greater population!

So, in this virtual world, what trends will stick post COVID? Everyone I spoke with agreed that virtual showings would continue, with one reason being that it allows buyers to narrow down homes they’d like to see in person.

As for location, that same survey found that there will be an increased interest in people buying real estate within suburban towns. Further, some think there will be a decreased interest in city living and that there will be an increased interest in rural areas.

Takeaways

Real estate has always been local but this is even more true now! Our agents are primed to work within their markets, which can vary drastically one community to the next. This is to emphasize that your local agent knows the latest about regulations, market conditions and inventory and is a great source for the best and most up-to-date information for buying or selling your home.

Your Coldwell Banker agent is also part of something much larger: the American Dream. We know this dream feels more realistic for some than others, and we are committed to do our part to ensure fair and equal access to housing no matter who and where you are. Earlier this year, we even developed new Fair Housing training for all our agents and made it available to the entire industry – indeed, even available to individual consumers like you. If you would like to learn more, go to fairhousingpledge.com I also recommend an excellent book on the topic, The Color of Law by Richard Rothstein. We can all learn from the past as we change the future.

In closing, I promise that Coldwell Banker agents will be there when you need them most, to guide you home as they have done for over 113 years. Please give us a call!