I acknowledge while so many routines in our lives feel like groundhog day, there are other things that seem to be changing and adapting daily. Quite frankly, it's extremely difficult to determine "who can I trust?" when it comes to all the information that is coming at you.
We have never had a crisis like this before, however, the data for Austin, according to Mark Sprague (Director of Information Capital) shows that real estate is still a bright spot. Make no mistake, Covid19 is affecting the real estate industry and there isn't a "one size fits all" for buyers, sellers and investors BUT there is reassuring news. Inventory was already down 17% from last year PRIOR to the health pandemic. New construction has slowed slightly due to social distancing practices which is forcing crews to focus on pre-sold lots which further reduces inventory. In other words, says Mark Sprague,
"We are in a supression, not recession here in the greater Austin area."
As your trusted real estate partner, I want you to know this current market affects buyers, sellers and investors differently; and there are sub-markets within the tri-county. area that are impacted in different ways.
That is why I am here for you virtually and safely during this time; please continue to reach out as you have been these past few weeks with any real estate related questions:
-Your current house values
-How to safely sell or buy with restrictions in place
-Investing in real estate
-Timing your sale or purchase
-Choosing the best updates / remodel projects to get market ready
It is my honor to help you navigate the real estate market, now, and in the years to come. Thank you for your trust and I hope you will allow me to partner with you if you have plans to buy, sell or invest. Unfortunately, this brief "pause" on our industry will force a great deal of "part time" or new agents out of the industry. Rest assured, I've been helping people find home for over. 16 years and I'm here to stay.
In the meantime, please enjoy this presentation from Coldwell Banker President & CEO Ryan Gorman. Prior to being responsible for the merger that led Coldwell Banker to be one of the most internationally recognized real estate brands, he was an advisor for PricewaterhouseCoopers and offers a data-backed perspective on the national real estate market as a whole.
What's Happening in Real Estate Today?
If you're considering buying or selling a home, you're no doubt wondering what impact the pandemic is having on real estate. Ryan Gorman, President and CEO of Coldwell Banker®, recently hosted a live Q&A with home buyers and sellers to answer their most pressing questions. You can watch the 30-minute session by clicking on the play button above or click here to listen using Spotify.
Here are some of the highlights from the session:
Selling and Buying Process – Agents have adopted a wide range of apps and tools that enable us to list, market, show and sell properties virtually. Transactions are still closing across the country – much of the work to make this happen is just being done virtually instead of with in-person meetings.
Mortgages – Rates are unprecedently low, which is good news for buyers, sellers and those considering refinancing. But they are not expected to stay at this level indefinitely, and it's impossible to time the market, so now might be your best opportunity to take advantage of these low rates. Because technology is rapidly being embraced by lenders, the mortgage process can now be handled virtually without any physical contact.
Prices – Home prices are not dropping as a result of the pandemic. It's important to remember this is not a real estate-led economic crisis, and many of the layoffs and furloughs are expected to be temporary. As