Offered by: Jan Hepp-Struck, Hepp Realty
What a difference a few weeks can make—schools on furlough, hospitality and personal care based businesses temporarily closed or on limited hours and service offerings, and everyone encouraged to stay home and practice social distancing. Spring fever will definitely have a very different meaning than expected this year, especially where the anticipated home-buying season is concerned. According to Danielle Hale, Realtor.com’s chief economist, “It doesn’t mean that we won’t still see sales. But I would expect fewer crowds at open houses, and more people accessing home shopping via the internet.”
What does that look like for anyone planning to sell their home this year? Yes, with all of the craziness going on, we are experiencing a bit of a recession, but Hale suggests that indications, as of now, show that home prices should most likely stay pretty stable unless this recession becomes extraordinarily long. We are in a different situation than the recession a little over a decade ago because we remain in the midst of a severe affordable housing shortage, and there are still many more eager buyers than reasonably priced properties for sale.
Assuming our area doesn’t suddenly become hard hit with COVID-19 cases, I would recommend taking advantage of the next few weeks to get your home ready, putting extra emphasis on getting great photographs and video. When some of the uncertainty settles down and you do decide to put it on the market, it is likely you’ll have fewer in-person home shoppers as people use caution about person-to-person contact, but more virtual shoppers. I believe we’ll see an increase in the use of technology like FaceTime showings and virtual tours.
In the meantime, the best thing we can all do is keep calm, check in with those who are more vulnerable and need extra help, and come together as a community to get through this crisis because as the saying goes, “united we stand, divided we fall.”
For proven expertise in establishing your home value and/or searching for a new or existing home, please call Jan at (303) 520-4340.
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