How Covid-19 Has Impacted The Real Estate Market

Lockport Real Estate (Lockport IL Homes For Sale)
November 13, 2020
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How Covid-19 Has Impacted The Real Estate Market

How Covid-19 Has Impacted The Real Estate Market

How Covid-19 Has Impacted The Real Estate Market

The Impact of Covid-19 On The Real Estate Market

Hi, everybody, it’s Kim Wirtz with Century 21 affiliated, I’m here to discuss how covid impacted the real estate market. Back on March 14th. It was a very, very scary time for realtors, including myself. I didn’t know where the market was going to end up. Restaurants were shutting down, grocery stores were shutting down. People were social distancing. At that point, the market seriously just froze. It was very scary for me because as I do high volume of business, I was finding myself cooking more, watching TV, more family video nights, all the things that I have done for the last twenty eight years as a real estate agent.

Then basically, after about two weeks, all of a sudden the market started really picking up. We found the interest rates were dropping, the inventory and properties were very low and the buyers demand was still there due to the low interest rates.

After that day, I found myself becoming very, very busy again, which was great. People were still somewhat scared about going into houses, even though we were and are considered an essential service. Fortunately, real estate was not fully closed down. I did require all of my clients to wear masks. I did require all of my clients on showings to not touch things I would sanitize. And I would be the one to turn on the light switches to open up the doors on their behalf.

At first it was a little weird because people didn’t want to wear masks. It wasn’t really a thing. When I attend my listing presentations and I’m going into someone’s houses, I always do wear the mask. In fact, here’s my mask can wear. It’s a real term. I’m branded. About a month into covid, the real estate market really exploded and starting on July 1st, when the governor let us out again, it really, really exploded.

This actually might end up being one of my best years ever. I find that my sellers are selling properties that they weren’t planning on selling until twenty twenty one or twenty twenty two just to get this high dollar that the market is demanding right now due to the low inventory and finding buyers that were not ready to buy purchasing homes due to the low interest rates that haven’t been available for years. So I am finding that with the way the market is going right now, a lot of buyers, due to high demand and low inventory are offering well above list price for properties.

So at this point, when that does happen, I’ll usually tell my sellers, take the gamble, because we don’t know what this appraiser is going to do as far as buyers go. I generally prepare a market analysis for every buyer prior to them making an offer. I educate my buyers on where I think this subject property that they’re interested in buying should be priced. And then I put it back in their court so they can decide whether or not they want to overpay for the house.

I never wanted to come back to me about you’re saying, well, you told me to write this offer for this price and now it did an appraisal and now I’m out inspection money, et cetera, if we can’t put the deal together. So I always try to educate both my sellers and my buyers. I do feel as of late that the market is slowing down just a little bit. I’m finding that some of the buyers I’m working with were making offers and there is no longer 20 offers on the table.

There might be seven or eight, but no longer 20. I am finding with my listings that we’re no longer having 15 showings on the first day and 12 showings on the second day. It’s getting a little bit more normal out there. I’m hoping that that we will see this pick up again because again, the interest rates are phenomenal right now and it really is a good time to buy and it really is a good time for sellers to sell, because if I had a crystal ball, I would give more information.

But I don’t think anyone can predict what the future is going to bring with No. One, this virus. Number two, interest rates, number three, the economy. So I just say there’s no better time than the present to purchase a home or sell a home. I’m happy to help you in any way I can. I’m happy to answer any questions, schedule a private meeting. My cell phone number to contact me is seven eight five one six three zero five zero.

My website is www.kimwirtz.com, you can find some very important information there, and my email is kim@kimwirtz.com. I hope you have a great day. Stay safe, enjoy the holidays and I hope to hear from you.