RICHMOND — COVID-19 has changed life with stay-at-home restrictions, social distancing and face coverings.
It's other life changes — marriages, babies, jobs, divorces and empty nests — that fuel home sales, and those changes continue to occur, too. So, despite the novel coronavirus, the buying and selling of homes has not stopped, but there is an inventory shortage.
"People are still buying and need to move," said Nicole Davis, the managing broker for Better Homes and Gardens Real Estate First Realty Group. "Houses are being listed and are still selling. There's less for buyers to choose from, but they are still choosing."
James Henley, the managing broker for Coldwell Banker Lingle, said COVID-19 has not affected sales much. The lack of houses on the market had been the trend prior to the coronavirus pandemic, and interest rates are low.
"In Wayne County, we have the lowest level in available, active listings as there's been in many, many, many years," Henley said.
Houses are selling quickly, so sellers wait until they're absolutely ready to move before selling their houses. In the meantime, they improve the houses with amenities buyers seek.
Both Henley and Davis said it's a seller's market.
"I think it's good for everybody," Davis said. "It's a seller's market, but it's also a good time for the buyer. The homes out there are in great shape, and there are motivated sellers."
May typically is a busy time for Realtors with houses coming on the market and weekend open houses. The coronavirus might cause some potential sellers to wait. They might not want strangers walking through their homes during the height of the pandemic. There might be the expected spring influx, but it might just be later.
"We didn't really see a huge dip," Davis said. "Our sales are consistent. I don't think it will take long to rebound."
There are opportunities among the myriad changes
Rhett Baumgartner, president of Baumgartner Commercial, said it will take until the end of the year to know better how coronavirus impacts commercial real estate. In fact, he thinks there could be some benefit to Wayne County as industry reshapes itself.
"I do think there will be a change in the market," Baumgartner said. "There could be new businesses popping up moving forward, and old ways of doing business will go by the wayside."
The county could benefit from increased manufacturing opportunities that develop.
"We've lost manufacturing, and I think there's an opportunity of getting some of that back in the Midwest," Baumgartner said.
More: Wayne County unemployment rate for April tops peak of Great Recession
That could provide extra work for the area's tool-and-die businesses. Warehousing also might increase because of deliveries from online orders, he said, and drive-through opportunities might expand.
Wayne County's commercial real estate landscape could help it avoid the negative impact that an area such as Indianapolis might experience. In that area, companies might have three or four building projects that become hard to fill.
"Richmond has never been a booming growth market where there's a lot of speculative building," Baumgartner said. "There might not be the impact for Wayne County and Richmond."
Coronavirus concerns also have not changed Baumgartner's business too much. He said much of his business is conducted remotely and by phone anyway. When showing a property, he said, masks are worn and social distancing observed.
What if you want to tour a home?
Residential sales agents have seen changes with showing properties. To begin with, buyers generally are pre-approved before being shown houses to ensure they're serious. Online listings are used to narrow potential houses so most buyers see fewer properties.
Open houses have all but ceased, being held mostly in unoccupied homes. Agents conduct more virtual tours using platforms such as Facetime on their cell phones.
For an in-person visit, sellers are asked to open doors and cabinets and turn on lights, so agents touch as few surfaces as possible. Agents then clean anywhere that has been touched. Children are not permitted at Better Homes and Gardens showings. Davis said some sellers set up sanitation stations, and agents carry whatever supplies they need, such as masks, to protect themselves, the buyers and the sellers.
Is Indiana flattening the curve?: Compare cases in your area to the rest of the U.S.
Henley said personal feelings about safety run the gamut. Some people don't worry as much about precautions, but coronavirus scares others. He and Davis both said agents adhere to the seller's wishes, but work to make everyone comfortable with the process. Davis expects precautions to remain.
"I think it's good common sense and a good way to do it," she said.
Technology growth and increased use has Davis questioning the future of open houses. She said some agents like the networking opportunity, and some buyers like the personal contact to maybe uncover a different house that might suit them. Others don't see advantages.
"I'm not sure if they'll come back or not," Davis said.
Henley's not sure how the future will play out. Agents, buyers and sellers have learned to do things differently and have embraced using technology. Plus, there's the unpredictability of COVID-19 itself.
"I think it will be on a very individual basis," Henley said. "Are people going to relax? Will we see a bigger outbreak? The supply and demand I don't think will change. People are going to want to sell."
Tips
Sellers
- Listing now has the advantage of less competition for buyers, and houses continue to sell.
- While preparing to list, updates might help sell the house more quickly and for the best price.
- Set up the house for visiting agents and buyers to touch as little as possible during in-person showings. Turn on lights, open interior door and open cabinets.
Buyers
- Although there aren't as many houses on the market, interest rates are low.
- Receive pre-approval to establish yourself as a serious buyer.
- Contact an agent for the latest availabilities and assistance with navigating the process during the pandemic. Houses come on the market and are sold quickly.
- Utilize technology, such as websites and virtual tours, to help narrow your choices.
- Although some buy without visiting a house, it's recommended to see the property in person.
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