How is the Coronavirus Affecting Cincinnati / Northern KY Real Estate?
The good news is, this will pass at some point and hopefully some of us will come out more rested, healed, relaxed and kinder than before. It’s not often that we get to spend so much time with loved ones at home! We continue to pray for those affected by the coronavirus. As a real estate team, we are all trying to protect everyone we work with and their families. There is no exact procedure for handling something like this, so we are erring on the side of caution and taking recommendations from the experts. If there is anything you need, we are ready and willing to help in any way.
What’s changed in real estate since the emergence of the virus? Last week the markets were still extremely active and this week we are seeing more changes, however, activity remains strong.
We had a listing go Pending on Wednesday 3/11 with 17 offers!
On Friday 3/13 we had another listing hit the market and had a full price accepted offer within hours.
Our listing on Erie accepted an offer on Tuesday 3/17 from a Buyer that is relocating to Cincinnati in the medical field and was living in temporary housing.
We had this listing in Clifton hit the market Friday 3/20 and had an accepted offer that day.
We are fully marketing all of our Active listings and many agents have been showing them this week. We had a Coming Soon listing on Salutaris that was going to go active tomorrow 3/20, but has just decided to wait.
We personally own a home that tenants moved out of and have someone remodeling right now.
We are taking every precaution when showing homes, going on listing appointments and practicing social distancing.
The buzz phrase right now is “social distancing.” What does that mean for an industry that thrives from in-person interactions? Social distancing is the best way to slow the spread of the virus and “flatten the curve” so that the healthcare system can manage the number of people who are sick at one time. We are taking extra precautions to stay healthy and developing specific protocols for our line of work–and for this, technology is the answer.
The homes that we have Pending are continuing through the process somewhat normally at this point. We have had 4 closings this week. The title company has been in a room with just the Seller to sign, then they go to a separate room for the Buyer to sign, meanwhile the Realtor is in a separate office by phone listening and answering any questions on their end.
We have a pipeline of around 20 homes that were going to be hitting the market in March/beginning of April, and most of those are waiting. Our Sellers are getting some extra time to prep their homes, start on yard work, declutter, and touch up. Rick has been communicating with them about next steps, pricing strategy, suggestions for getting homes ready, and marketing plan. The virus will pass and we believe there will be a feeding frenzy of Buyers ready to pounce on what is available. The Finn Team is gearing up for when that time comes and will be prepared for the volume of activity to come. We have just hired two new team members to handle the administrative side of the business, so that we can effectively serve our clients.
Interest rates are volatile, but continue to remain at historic lows. We went into this pandemic with a shortage of housing inventory and with Sellers waiting right now, the inventory will be almost completely depleted when we come out on the other side. Buyers will need homes to purchase, and Sellers that are ready will be in a great position to sell quickly and for desirable prices. Each client has their unique situation and we are available to discuss your timing and personal housing needs during this unprecedented time. There is a lot of communication and things that we can do on our end to help anyone preparing to sell their home, or purchase a home, now or in the future.
Buyers…now is the time to:
★Reach out and talk to one of our Buyer agents about what you are looking for.
★Get pre-approved for a loan.
★Narrow down neighborhoods you would like to live.
★Review pocket listings we send over, as well as what is currently on the market.
★Learn how to do renovations to fix up a home.
★Contact inspectors to narrow down who you want to hire when you find a home.
★Think about the “must haves” for the house you buy.
As a Seller…now is the time to:
★Interview agents by phone/online research.
★Talk to Rick about suggestions for timing.
★Get your home ready for the market.
★Review our online Comparative Market Analysis with photos of the comps.
★Communicate with Rick about pricing strategy.
★Pull out records for updates you have done to your home.
★Have our photographer get photos, or exterior photos.
★Review our preliminary marketing materials.
All of this in order to be best prepared when the time comes!
Clearly, this is an unprecedented time and information is evolving by the day… even by the hour. But, one thing is certain: the health and well-being of our customers, friends, co-workers, agents, and their families come first. We must all be smart and take the necessary precautions to remain healthy, both physically and emotionally.