What's Up with the Market
The homes coming to our market have slowed somewhat, but the major change is that the number of homes going under contract have slowed more. Real estate is always regional. Nationwide statistics are interesting, but we should always focus on our immediate area. The number of contracts has dropped in the percentage levels. Many of those contracts that are pending are actually from buyers who saw the property prior to the limited showings.
We expect our Pearland/Friendswood/League City market will experience this slow down...at least for the next several months. We don't have a crystal ball and we don't pretend to know the full impact, but people still need to buy and sell. Those that don't have to....won't.
If you do find yourself in a position to buy or sell, we have some helpful tips for you:
Do not bring your children, friends, etc. to view homes. We are trying to limit two people to the showing.
Don't look at homes that don't at least meet your minimum criteria.
Don't touch surfaces in the house.
Wear a mask...protect the sellers as well as yourself.
Limit the time you are in the house. If you know immediately that you don't like the house...leave, don't linger.
Talk to your inspector....many do not want you at the inspection. They can face time you, send a video or talk with you directly bout any issues.
Leave closet doors open to minimize others touching surfaces.
Wipe off flat surfaces (especially kitchen counters) before and after showings.
Realtors and Loan Officers are not allowed to attend closings. Only those parties who are actually signing can attend.
Many title companies are allowing you to sign in your car, have a mobile notary and other options may be available.
On the Bright Side
We expect the real estate market to bounce back soon. Maybe some corrections in pricing, but it WILL come back. Now more than ever, brands are important. Keep this in mind when you are thinking about buying or selling. Major brand franchises have backing to stay afloat. Some of the "disruptors" in the real estate industry are laying off....we are still here. There is nothing that replaces experience in the business when times get tough. We are here, we know the business, we can help.