We made it through the first week of the Stay-at-Home directive. The housing market is still buzzing, however, at a lower rate than we all anticipated.
Today, I want to give you a short update from the trenches.
Homeowners Are Still Listing
638 homes were listed for sale in the past week. That’s a decline of 18% compared to the same week a year ago.
Strong Demand for Less Expensive Homes in Housing Market
Buyers certainly pulled back. Throughout Ohio showings have declined by 47.8% over last year.
We are lucky, though. In New York and other states that consider real estate services non-essential, showings are down by more than 90%.
We still see a strong demand for less expensive homes priced below $250,000. My listing on Edmonton Drive, for instance, had 15 buyer showings since Thursday.
Unfortunately, there were hardly any showings for homes priced over $400,000.
Motivated Sellers and Listing Agents
I’ve been out showing homes most of Friday and Saturday. Sellers don’t allow overlapping showings. Some ask us to wear gloves. Many provide hand sanitizer or wipes.
The listing agents are more motivated than they used to be earlier this year. Every single one called me back right after the showing hoping to find an interested buyer.
We Will Get Through This Together
Nobody knows exactly when this crisis will be over. We hope restrictions will be lifted in a month or two.
I can promise you that we will continue showing properties and listing homes.
While we don’t host open houses and practice social distancing, we create 3D virtual models for all of our listings. We also offer live virtual tours and consultations via video conference.
Be patient. When the situation normalizes there will be a huge pent-up demand, and we may see a very strong summer and fall selling season.
Call me for live showings and virtual consultations! Stay Safe! Call or text me at (614) 975-9650.