COVID-19 and Dayton Real Estate: Update
March 23, 2020 - Things have certainly been changing lately, and new developments around COVID-19 are coming everyday. Here at RE/MAX and in the real estate community in general, we are working hard to roll out innovative and creative ways to continue to serve our clients. Here I wanted to address the current state of things, and how we’re working to keep real estate moving.
What's Going on in the Dayton Market?
Believe it or not, we have not seen much of any decline in real estate purchases over the past 2 weeks. Buyer demand has remained remarkably consistent due to the shortage of available homes.
-Listings are still hitting the market
-Buyer demand remains active and consistent with the spring market
-Contracts and closings are on schedule, but delays are possible
Market Stats over the past 2 weeks…3/8-3/23
-New Listings 479 (+64%)
-Under Contract 795 (+23%)
Of course the market is changing daily, so we will be closely monitoring it in order to keep you updated.
-Gov. Mike Dewine issued a stay-at-home order effective tonight Monday 3/23/2020 at 11:59p until April 6 at 11:59pm
-Essential businesses and services are exempt from this order
-Realtors, Title Agencies, and Lenders are considered essential businesses and will remain operational
-We will still be here to serve your needs, unless mandated otherwise
What Are We Doing to Keep Clients Safe?
We have always made remote access a core part of our business, but today it's more important than ever for clients to take advantage of the convenience of technology. Physical distancing is important, and we are adhering to state and federal guidelines in order to minimize contact.
-Virtual tours - Buyers are able “walk through” the homes we list using virtual tours which helps reduce the number of buyers walking through a property and minimizes contact with surfaces.
-FaceTime/video conferencing - As we often use with clients who work during the day, or are out of town, video conferencing allows us to show homes to buyers without needing to actually bring them through the house. This minimizes the amount of foot traffic and potential for surface contact in a home.
-Electronic signatures - All documents throughout the listing and buying process can be signed electronically. Title Agencies will be making accommodation for closing documents to be signed with minimal to no contact in accordance with physical distancing.
Things Sellers Can Do During This Time…
It is totally understandable to be hesitant about listing your house for sale right now with so much uncertainty around health and safety, and the market. There are absolutely things sellers can do while we’re being asked to stay home. That way, as we start to return to a more normalized market, you are ready to show your home.
Touch up paint
Clean, clean, clean
Begin packing and put your stuff in the garage or basement in a central location
Finish those last-minute fix up projects
Step outside and do some spring landscape cleanup
When it comes to COVID-19 and real estate, no one can accurately predict what the coming months will bring. Right now, we’re still seeing a robust housing market that will undoubtedly have its set of challenges and delays, and the actual effects most likely won’t be felt for a few months or more.
Ultimately as a buyer or a seller, you need to make the best decisions for you and your family’s health, safety, and living situation. The COVID-19 emergency is a rapidly changing scenario, and I encourage everyone to stay informed.
If you have any questions or if I can be of assistance, please don’t hesitate to reach out! (not literally of course, via phone or email please!)