Real Estate COVID Update - March 2020

Hello Friends and Clients,

As your trusted real estate advisor, I wanted to give you an update on the real estate market and the impact of COVID 19 and how we are preparing and adapting.

To start, I would like to send our well wishes to those impacted by covid 19, either from a health standpoint or economically. I would also like to thank the healthcare professionals, grocery store employees and everyone working on the frontlines.

At Ell Group, we are working fulltime; We are just working from home instead of the office to ensure we are part of the solution and not the problem. We are doing video chats as a group twice a day to make sure we are taking care of all of our clients needs and no deadlines are missed. The governor has identified real estate agents as an essential resource in the community, so we will keep doing what we do… and then some.

From a real estate perspective, business is still open. People who are in the process of buying and selling are still doing so. To make sure that process is as safe as possible, we are taking several precautions:

1. Electronic signatures and paperless documents. We have been doing this for many years, so this is not new and we are experts at how to do this efficiently.

2. Video chat meetings with clients. Again, we have been selling homes this way for years. We have had several clients purchase homes without seeing them in person, only via photos, videos and video chat. We realize this is not for everyone, but it is helpful for people who want or need to buy now and are not comfortable going to homes in person.

3. For those comfortable viewing homes in person, we are keeping a distance from our clients, driving separately, using hand sanitizer and sanitizing wipes for door handles, etc.

4. Virtual open houses for our sellers. We are still putting signs out to direct buyers to the property and then we give them access to a video tour of the house via a text code.

5. High quality, professional photos for our listings so they standout to buyers who continue to look more and more online and on their mobile devices.

6. Client portals for our sellers so they can login 24/7 to track the progress of their property. Review marketing, showing activity and showing feedback.

It would be naïve to think this virus is not going to impact the real estate market. As someone who wakes up seeing the glass half full, I refuse to be paralyzed and will continue to look for ways to keep the economy and real estate market in motion. Most economists are projecting a sharp V versus a U in terms of the decline and rebound economically. We were poised to have one of the strongest spring buying seasons in history and most of that demand will still be there, perhaps just delayed until things settle down. We cannot predict the future, especially with something we have not experienced before

For buyers:

1. Historically low interest rates

2. Less buyer competition

For sellers:

1. Historically low interest rates motivate buyers. Also beneficial if you are buying after you sell.

2.Less seller competition

3.Buyers who are looking in this market will be serious buyers.

Now, more than ever, it is critical to have a professional team of advisors in your corner, working hard to put your best interests at the forefront. Looking out for your personal safety as well as your economic security. Please lean on us if you have questions or concerns. The word HOME takes on a little different meaning in times like this.  

Sincerely, 

Jeff Ell, Associate Broker
Ell Group at Keller Williams Southern Arizona