The effects of COVID-19 continues to reshape the way our world is interconnected, from how we live our daily lives, to how we conduct business. The real estate industry has experienced shifts, and amidst the uncertainty, Bellevue Lifestyle asked luxury real estate expert, Moya Skillman, to share potential impacts.
- Real Estate services have been deemed essential in Washington State. What health precautions has your team implemented currently and going forward?
Client safety is our number one priority. Luckily we are “Type A” planners, so we were ahead of the curve in stocking up on supplies. For each showing we wear a mask, gloves, shoe covers and we use sanitizing wipes to clean surfaces. We remind the buyer’s agent to bring gloves etc., and we keep extras on hand in case they forget. We limit only two people in the house at a time. After the showing we wipe the surfaces again and dispose of everything.
2. Any anticipated changes in pricing?
The market has remained strong even during the shut down. In the $2 million and under category the market is still very active and seeing many offers. We had a strong market going into this crisis, and there is still quite a bit of demand. We do expect a slight correction on pricing, but it's too soon to really tell if and when that will happen.
3. Any anticipated changes in demand?
We are forecast a lot of “micro” markets. Hot neighborhoods and then more balanced markets in other areas. We have seen an increase in contingent offers and homes without multiple offers where buyers can take a bit more time to decide. Definitely the window of opportunity will be opening in some areas.
4. Any anticipated changes in supply?
We do expect to see more homes on the market this summer. Homes that weren’t able to come on during the Stay Home order will now be ready and available. Presentation and pricing will be more important than ever in order to compete. It will be extremely important to work with an experienced, full-service agent who can guide you in this evolving market.
5.Any effects on listing and closing time?
The pre-market listing phase of getting a home ready has experienced delays because of the construction moratorium. It has been difficult to get homes ready for market in a safe way if they are occupied. But that’s changing. For closing timelines, we have seen some slight delays with lending and mortgage changes; another reason to work with an experienced agent who knows how to navigate the financing process and see the transaction through to a successful closing.