Why have several of our office listings opened up escrow in under one week? It might be an economic indicator that there is pent up home buyer demand. It might signal that local low inventory of properties and that well-priced homes fly off the MLS. Another factor: how we market the listing when the for sale sign goes up. 

Real estate agents wear a lot of hats: marketers, negotiators, diplomats, entrepreneurs, and more. We are innovators, and while the coronavirus has put limitations on how we do our business, it has also made us more creative.

 

Examples of Creative Marketing

How are agents in our office adapting? Here are a few fun examples:

– One agent staged the backyard of her listing! It was a huge backyard, perfect for entertaining and she set up outdoor seating and a picnic! It showed how big and tranquil the yard was and how the space could be used

– 3D Matterports are being incorporated into marketing and buyers can now click through the rooms of a house. It is crazy how you can get a sense for a house by using the 3D virtual tours

– One agent did a “drive by preview” to see the curb appeal of a few properties that his buyer was interested in

– Another agent did some pre-listing repair work to the property to clean up the cosmetic eye-sores

– One agent is doing virtual “first time buyer” consultations over FaceTime and Zoom and helping buyers get their financial plan lined up so that they are ready to buy by the end of summer

 

Although coronavirus and general economic uncertainty might deter some buyers, other buyers are excited by the record low mortgage rates. Of course the blanket statement “Now is a great time to buy!” can feel calloused and out-of-perspective because of the high rates of unemployment and joblessness. However, it is worth noting that mortgage rates are lower than they have ever been before. If you are lucky enough to be financially stable during this pandemic, then it just might (in an odd way) be a good time to buy.

 

Real Estate and Housing Market Update in May 2020

The California Association of Realtors reported that, “According to Freddie Mac, 30-year fixed rate mortgage averaged 3.23 percent for the week ending April 30, 2020, down from the previous week when it averaged 3.33 percent, and a decline from 4.14 percent a year ago. “*

What other housing market facts are worth sharing? It is not all doom-and-gloom.

1. New listings hitting the MLS increased 18.6 percent from May 1 compared to the previous week

2. The number of mortgage applications have increased for the 4th consecutive week
3. Real estate showings are up week-to-week since the first weeks of COVID
4. Thirty one percent of surveyed consumers consider it a good time to buy! 

This coronavirus — both the virus itself and the economic repercussions — have affected all of us differently. As May is Mental Health Awareness month, we wanted to include just a note to say that it has been hard for everyone this year, and that more than ever, it is important to lean on others for support and ask for help when you need it.



This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.