Our lovely friend Bill Gubrud reached out to me to write in about my experience as a Realtor® during the current pandemic. First off, I hope all of you are staying well and taking all preventative measures possible to flatten the curve. We got this!
When it comes to the Real Estate industry, things have definitely been different from the “normal” spring/summer sales/leasing climate. Personally, a good chunk of my clientele are industry workers who have been hit hardest by this virus, as most of them lost their only source(s) of income and subsequently put their home searches on indefinite hold. And even those not in an industry-related occupation have done the same. Coming in to these typically fast-paced and exciting seasons, interest rates on mortgages were the lowest they’ve been since the crash back in the early 2000’s, and yet even lower to under 2.8% in some cases, which is awesome if the economy and housing markets remain stable and productive.
Combine that with the plethora of First-Time-Buyer programs out there allowing loans from 10% all the way to 0% down, the scene was set for bustling and bountiful sales seasons. I myself was working on converting some of my higher-range rental clients to buyers, because we never know how long low rates will last, nor how long some of these Buyer programs would offer their incredible terms. I feel like a lot of sellers came into their markets anticipating more buyers due to these amazingly low rates and accessible programs, which is a pretty fair assessment and albeit smart decision. As such, lots of areas of the city and even in the suburbs were flooded with homes for sale. Working primarily in the city condo markets, I can’t tell you how many I’ve shown over the last 6-8 months, some of which are (unfortunately for the owners) still on the market for sale. Flooded markets typically mean that buyers get the advantage, which would usually incentivize potential buyers to pull the trigger and start putting out offers on their properties of interest.
However, this boost was (obviously) short lived, as we have now been required to stay in quarantine as best as possible for the last 6+ weeks, and as mentioned before, a large portion of potential clients have since been out of work, thus limiting the pool of potential buyers and renters. And while homes continue to be purchased all over, the property market time (how long homes have been actively for sale/lease) for any area has increased.
All in all, while business has slowed, it has not completely stopped. I am fortunate to have a large referral base and repeat clients, so though I’m not necessarily increasing my business over last year, I am at least remaining somewhat consistent, as I know is also the case for many of my colleagues in this industry. That said, it is still a great time to purchase your first home or investment property, taking advantage of the low interest rates and all the programs out there designed to get you into the exciting world of homeownership.
I would be happy to discuss with you, or anyone you may know, about actual potential in the Real Estate world. You’ll be surprised at what you’re capable of that you never before thought was possible.
All the best, and stay healthy!
Kirk Hudson, Realtor®
Baird & Warner Residential
MLS ID: 43128
Facebook: Kirk P. Hudson Real Estate Broker