April 9, 2020
The office foyer is quiet and I really wish the telephones were ringing more than they are! However, that's not to say that real estate is dead. People are still buying and selling!
Out of three showing appointments that I made one day, one was cancelled because the sellers have compromised immune systems and won't allow anyone into their home with the current state of things. I've seen homes come on the market that make me think the reason for selling might be a lost job. Personally, I'm still taking listings and have written offers and put deals into escrow during this time of chaos. Life goes on! My goal is to make you feel safe and comfortable during your real estate transaction. I've been doing a lot of video walk-throughs, so that buyers can stay home and view the property and the sellers don't have a herd of potential buyers walking through their home.
While visiting with my clients and others, the overall opinion, is that this is short lived, a "speed bump" if you will. Sellers are willing to wait 3-6 months, if that's what it takes for shelter-in-place orders to be lifted. And buyers, still wish to relocate to Central Oregon! Now, maybe more than ever, people wish to get out of the cities and come to the country!
There is no time like the present! I don't know what the market will be like in June or July. For the moment, there have only been a few price reductions. As of the time of writing this, in the tri-county area, there are 1,483 residential listings on the market. As of April 1st through today, there have been 88 price reductions. Keep in mind, price reductions happen even during a good market. A year ago at this time, there were only 1-8 price reductions per month. There are more happening but not everyone is reducing. Does that mean that as a buyer you can make an extrememly low offer? Nothing stops you from making an offer but, the seller may not accept it.
We all wish this to pass quickly! I miss the office banter of my colleagues and my heart hurts for those really suffering! Honestly, I feel that real estate is going to be hot, hot, hot just like the demand for hairstylists when this is over! If you are thinking about buying or selling, I'm here to help! Some easy steps to follow to make it safe for everyone are:
1. Buyers, please be pre-qualified with a local lender. (There is no sense in putting yourself and others at risk by viewing a property when you are not qualified to purchase.)
2. Please do not bring children on showing appointments. Only the business decision makers should be in attendance.
3. Sellers, please have all doors open to reduce germs (cooties) on hardware. You may require people to wear gloves and/or face coverings for any showings.
Get Your Move On!
Lori