To Our Valued Customers & Friends,
We wanted to reach out and update you on the current real estate market. In Governor Evers’, “Safer at Home” emergency order, real estate, mortgage and title services are defined as essential businesses under section 13. (U). For those who are currently in or thinking about entering the real estate market, we can provide all the essential services for a real estate transaction and do the majority of it electronically, maintaining social distancing and following the guidelines provided by the CDC and our National Association of REALTORS®.
We would like to provide you with some factual information on the market and at the same time answer some questions we have received from buyers and sellers.
Please know that first, and foremost, We are dedicated to keeping our peers, our customers and our community safe while serving the needs of our clients. We are fortunate to be the market leader for over 74 years, with all the systems, services and technology needed to navigate through any market and any challenge.
- Currently, we are outpacing last year, indicating continued demand for housing.
- Interest rates continue to be the lowest in over 50 years.
- Active buyers and sellers are seeing opportunities as others may choose to sit on the sidelines.
- All service providers have adapted quickly to follow CDC protocols for their clients’ safety.
- As a majority of the public continues to work from home, online activity has increased dramatically putting a premium on real estate sites such as www.shorewest.com that provide up to date information and premium photos & videos on thousands of listings across the state and around the world.
- Open houses have ceased in many markets but private showings can easily be arranged for qualified buyers.
- Sellers are experiencing a market that is still providing them with strong buyer demand and in many cases, multiple offers.
- Buyers are benefitting from low interest rates and a slight decrease in competition in certain price ranges and markets.
Following are questions we have recently received.
Should I consider buying right now?
Facts to consider:
- Most importantly, if safety is your main concern you must do what is right for you and never be afraid to ask your agent the appropriate questions regarding safeguards and protocols in place to ensure a buying experience that is comfortable for YOU.
- Many buyers are taking advantage of the low interest rates right now.
- Some buyers have decided to wait for the time being, creating an opportunity for others.
- Online property photos/videos and information is so comprehensive now that the majority of your search can be completed at home with private property showings being limited to your few “Finalists” to determine which home to make an offer on.
- Once you find the right home, negotiations, contracts and the processing of your accepted offer can mostly be completed electronically all the way to your day of closing.
Should I consider selling my home right now?
Facts to consider:
- Most importantly, if safety is your main concern you must do what is right for you and never be afraid to ask your agent the appropriate questions regarding safeguards and protocols in place to ensure a selling experience that is comfortable for YOU.
- We have ceased open houses for the time being, eliminating that traffic through your home and limiting property viewings to serious buyers through scheduled appointments that must be approved by you.
- Current listings are actually receiving more market exposure now as online showings increase.
- Demand is steady as buyers continue to take advantage of low interest rates.
- Buyers are eager to see NEW inventory.
- Buyers currently in the market should be considered serious buyers.
- When buyers are ready to make an offer, negotiations, contracts, and the processing of your accepted offer can mostly be completed electronically all the way to your day of closing.
When will things be back to normal?
Unfortunately, no one knows the answer to that question but what we do know is real estate continues to be a vital need for many people right now due to job transfers, marriages, growing family needs, downsizing, etc. and we are committed to serving our clients’ needs during this time and making it as safe and “normal” as possible for everyone.
Whether it’s factual information you seek about the current market, a consultation about buying or selling or if you simply need someone to listen, don’t hesitate to reach out to a Shorewest Associate.