Our coronavirus showing disclosure form changes every week (sometimes multiple changes per week) and now it’s literally up to EIGHT pages long. Every buyer has to sign a new form for every house they want to see, in advance, and by electronic signatures only.
But it hasn’t slowed down showings – we are back to where we were last year!
Showings have steadily improved – here are the percentages off the 2020 weekly average:
April 13: -60.4%
April 19: -41.1%
April 25: -21.7%
It looks like they re-adjust their graph based on the new weekly average.
The top graph shows that on March 28th (the last day of agents being considered non-essential), showings were off about 70% from the weekly 2020 average. Today’s graph only shows the bottom to be at -49% (on April 6th & 12th). So the improvement has actually been better than today’s graph portrays.
Did anyone expect that?
Buyers want to get a jump on the market – plus realtors have to eat.
The governor’s stay-at-home order was issued on March 19th (red line), but showings had already been dropping steadily. Realtors were changed to essential workers on March 28th, but it doesn’t look like agents rushed back to work. The weekly average improved from -68.9% on the 28th to -57.3% yesterday. At least it’s heading in the right direction – we’d like to avoid a complete meltdown if possible.
On average it probably takes at least 2-3 showings minimum to procure a sale. Some homes sell after the first showing, and other take many more visits so averaging 2-3 before finding a buyer is optimistic – but in this era only the highly-motivated buyers are looking in person.
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