COVID-19 has undoubtedly had an impact on the entire economy, including the housing market. As we navigate the world of social distancing and stay at home orders, the real estate market is changing – and adapting. According to a recent Economic Pulse Flash Survey from NAR – conducted April 12-13, 2020 – 25% of Realtors with clients putting contracts on homes this past week had at least one do so without physically seeing the property.
The median number of homes toured – either virtually or in-person – by homebuyers today is just three, whereas NAR’s 2019 Profile of Home Buyers and Sellers found buyers typically looked at nine homes before placing a contract on a home. So while buyer behaviors are changing, they are still active on the market.
That’s why when you work with a First Team agent, marketing your home is a top priority. With virtual tours and property video, buyers can thoroughly view your home online. Check out this example:
407 El Vuelo, San Clemente
4 Bed | 3 Bath | 2,615 Sqft
Offered at: $1,049,000
Other highlights from the NAR report include:
- 75% of sellers haven’t lowered their list prices amid coronavirus.
- A third of Realtors (33%) – reported no delays in closing. The top reasons cited for delays included delays in financing, appraisals, and home inspections.
- Residential tenants are facing rent payment issues, but many delayed payment requests are in fact being accommodated. 41% of property managers were able to accommodate tenants who cannot pay rent and 24% of individual landlords reported the same.
Selling Virtually Requires Digital Marketing
Realtor.com also conducted a study of homebuyer behavior and found that making buyers comfortable purchasing during coronavirus is all about having the right technology. With access to accurate listing data, quality photos, virtual and live video tours, 24% of people would be willing to buy a home without seeing it in person. Those numbers were slightly higher for younger demographics, of whom 29% would be willing to buy. Further, 21% of people agree that COVID-19 has made them more likely to move into a home sight unseen.
So what are the most important technology and smart digital marketing home sellers need to have when placing a home on the market right now? Here’s a list of the tech features homebuyers said are most helpful when deciding on a new home:
- 61% A virtual tour of the home
- 58%: Accurate and detailed listing information
- 53%: Accurate and detailed neighborhood information
- 51%: High-quality listing photos
- 39%: The ability for my agent to walk me through the property via video chat
13310 Kilkenny Ct #224, La Mirada
1 Bed | 1 Bath | 808 Sqft
Offered at: $399,900
So if you are ready to sell your home today, a First Team Real Estate agent can help you do so safely and 100% virtually. Social distancing is no match for the well-established system of internal communication, suite of virtual tools, and well-oiled teamwork that is allowing First Team agents to provide uninterrupted, top quality service to Southern California homebuyers and sellers.