The past few weeks brought major changes in how we live our lives. How has this affected the real estate market?

We are seeing a small increase, about 10-12 percent, in cancellations on current escrows. Those who are canceling tend to be high in stock ownership and high on worry. 

That said, buyers still need a place to live, and rates have never been better. With a potential slight dip in the market and a slight dip in rates, it may be the perfect spring market to buy-in. Competition is down and conditions are ideal. Buyers who don’t have a high percentage of assets in stock and who work at W-2 jobs are still in an excellent position to own homes. Those residing in areas on lockdown have more time than ever to devote to their search.

We are responding to the demand by employing creative solutions. We offer private showings to healthy folks; in addition, we are using apps like FaceTime, Zoom, and Matterport to conduct virtual tours. We are more committed than ever to helping buyers and sellers accomplish their goals. Yesterday, I conducted a listing presentation on Zoom and got an agreement signed without ever meeting the seller. 

Are we facing challenges? Certainly. But real estate will always have its place. And when buyers leave the market, the serious buyers win.