Home sales are likely to plummet, and take a while to come back.
When will the market start up again?
It will depend on which channel you watch.
Excerpted from this article from Fox Business – hat tip GW:
For people who have been considering selling, it might not be necessary to wait. One benefit of Americans being home all day is that they are online all day long. ALL DAY.
I’m online while I’m typing this. My screen time on my iPhone is up to embarrassingly high numbers. I’m literally averaging 14 hours a DAY on my phone.
Eventually, we will all find a way to a real estate site, or at least search homes on Instagram. It’s inevitable, kind of like those cookies in your pantry are going to get eaten by the time you’re done reading this article.
The most unconventional aspect of this new age real estate industry is the fact that touring homes is currently impossible, as it should be. I’ve taken a hard stance for ALL OF US to STAY HOME for almost a month. Ironically, people are staying home – as they should be.
Prospective buyers will most likely remain hesitant to buy before they can physically tour a home but we can all pivot and redefine the way we work.
The minute that people are legally allowed to take a physical tour, the market is going to boom. It’s like when the new iPhone comes out. We want and expect lines out the door, just no tents, please.
People will be lined up at the doors of those homes they have obsessed over for months.
In the meantime, real estate professionals are utilizing virtual tours to keep buyers excited, and it is working, and relationships are getting back to the core — the heart.
We are entering what is usually the busiest season of real estate, that usually lasts through the end of the summer. I am confident that the busy season will last through the fall, and possibly through the winter.
Momentum is building, so there is no need to fear putting your home on the market.
Now is our chance to build and maintain confidence in the real estate market, because as soon as our world begins to shift back into normalcy, the market will be at its height.
We’ve all heard this a million times over, but right now, it’s more true than ever — home is where the heart is. You may not love where you currently are, but we know you love who you’re currently with. Get online, shop for your new forever place, and get excited about something that’s going to be there when this nightmare ends.
In the meantime, stay home, technology has us covered.
Interview with Ryan Serhant about the market and what to do: