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COVID-19 Resources

for Home Buyers and Sellers

 

Real Estate is Essential

The COVID-19 outbreak has been extremely challenging for all, and we hope you and your families are staying safe and healthy.

At RE/MAX 24/7, we’re continuing to do what we always do: helping home owners sell their most valuable asset for top dollar, and helping buyers find the home of their dreams.

Real Estate is an essential business. Our agents are 100% available to assist you, even if we are working remotely, do client consultations by video conference, and conduct more virtual than live showings. We practice social distancing whenever and as much as possible.

As we cope with COVID-19, we wanted to highlight how we can keep you safe during the home buying and selling process, provide answers to your questions, and give you the resources you need to make it through the crisis.

The temporary softening of the real estate market will likely be followed by a strong rebound once the economic quarantine is lifted, and it’s critical that supply is sufficient to meet pent-up demand.

Lawrence Yun

Chief Economist, National Association of Realtors

Weekly Market Update

New listings remain substantially below last year’s numbers. There is strong buyer demand despite of showing restrictions due to COVID-19. We noticed an increase in showing activity and more purchase offers submitted and accepted.

The inventory of homes for sale has dropped to 3,063, a historic low for this time of the year. We expect a quick recovery and possibly a summer boom, as the economy slowly opens up.

Here’s how the Columbus housing market has changed in the past 7 days as compared to the same period a year ago.

Updated: May 23, 2020

%

New Listings

%

Showing Requests

%

Pending Contracts

%

Closed Sales

New Listings

Homes listed in Central Ohio during the 7-day period before the date shown on the bottom. The orange bars show 2020 data, the blue bars 2019. The red line represents the % drop in new listings. It bottomed out during the week of April 17. More new listings are being added to the MLS as the Ohio economy slowly opens up.

Pending Contracts

Pending contracts during the 7-day period before the date shown. The red bars shows 2020 data, the blue bars 2019.  Although lower than last year, pending contracts are increasing as the economy opens up.

Closed Sales

Home Sales closed in Central Ohio during the 7-day period before the date shown. The red bars shows 2020 data, the blue bars 2019. Closings have dropped as they are based on contract written 30 to 45 days ago. In early May the gap began to narrow.

Showing Requests

This chart shows live showings requested by buyers on listings in the Columbus MLS. The orange line shows 2020, blue is 2019. Following the initial shock of the Covid-19 pandemic and stay-at-home orders issued by the governor, house hunters are back in full force actively looking for homes to buy.

How We Keep Buyers Safe

  • We offer virtual consultations via Zoom video conference or over the phone.
  • Before we schedule live showings we will review photos and virtual tours of listings.
  • I don’t recommend you attend open houses.
  • We won’t schedule overlapping showings.
  • We will drive in separate cars to showings. I will bring hand sanitizer and gloves. I will also advise you of special showing rules for each specific listing.
  • All contracts and offers will be submitted online with digital signatures.
  • Home inspectors may only allow 1 extra person to attend the inspection.
  • We will practice social distancing at closing, and not schedule round table closings where buyers and sellers sit around the same table. 

How We Protect Your House When You List

  • We will hire a professional photographers.
  • I will also create a 3D virtual model of your home.
  • We will not conduct open houses.
  • We won’t schedule overlapping showings.
  • We will ask potential buyers to wear gloves during the showing and minimize touching of door handles and light switches.
  • All listing documents and contracts will be submitted online with digital signatures.
  • We will practice social distancing at closing, and not schedule round table closings where buyers and sellers sit around the same table.

Find out what your home would sell for in today’s market:

Click for FREE Home Value

Answers to Your Questions

Should I list my home now or wait?

We strongly recommend you list now or at least get your house ready to list. The inventory is much lower than during the regular spring selling season, and buyers are looking.

We expect it may get more difficult to buy in the next few months, as we realize the full impact of unemployment.

Is now a good time to buy a home?

If your job has not been impacted by the government shutdown you should certainly buy a home right now.

There’s much less competition than during a regular spring selling season. Home owners may be more willing to accept lower offers.

You will have less competition when you make offers on a listing.

When will the real estate market recover?

Opinions vary. It will all depend on how soon the economy will open up again.

COVID-19 has lowered the number of home owners who are ready to sell, so the inventory is even lower than during the normal spring sales cycle. There are fewer live showings, however, home buyers are still searching.

At the beginning of 2020 we had a significant housing shortage. Most people who’ve been looking in January or February still need a place to live.

Are we going into a recession?

The economy is certainly heading into a recession in the second quarter. Most experts agree it will recover quickly later this year.

The housing market will be less effected by the recession than other sectors of the economy. Most likely real estate will become a strong force leading the economy out of the recession.

Most importantly, the recession is NOT caused by housing. There’s still a housing shortage and interest rates are extremely low.

Is this going to be like 2008?

No, this recession is quite different than 2008.

It is caused by the coronavirus pandemic and not by an oversupply of housing and subprime mortgages.

Unlike 2008 the housing market of 2020 is extremely strong, foreclosure rates are at historic lows, we do NOT have an oversupply of houses, and most home owners are not overleveraged.

It is unlikely that home values will suffer during the pandemic. As a matter of fact, home values have been 10% higher than a year ago during the month of March 2020 (when Covid-19 hit us hard).

 

Resources to Help You Through the Crisis

Help for Homeowners

Find out what to do if you can’t pay your mortgage due to COVID-19.

Help for Small Business

Get access to government funds to help you during the crisis.

Ohio COVID-19 Response

Governor DeWine’s daily briefings and Ohio stay-at-home regulations.

Johns Hopkins COVID-19 Map

Map showing daily updates of coronavirus infections and death by country.

Find out what your home would sell for in today’s market:

Click for FREE Home Value

Articles from my Blog

Should You List your Home during the Coronavirus Crisis?

Article Highlights

  • Why you should list NOW while other sellers pull back
  • Lowest Inventory Ever: No competition from other sellers
  • Why a short recession will create huge pent up demand
  • Pent-Up Demand: When economy recovers in a few months from now

How We Protect You and Your Home when You List During the COVID-19 Pandemic

Article Highlights

  • House hunting in times of the coronavirus
  • How we promote your listing while social distancing
  • How virtual tours replace live showings and open houses

Recession Does Not Equal Housing Crisis

Article Highlights

As we work through the Covid-19 pandemic we ask that you please stay up-to-date on all safety procedures that will help reduce the spread of conronavirus. Please visit the CDC protocol webpage for the latest updates.