As of today (05/17/2020), Pennsylvania continues to be the only state in the nation that considers real estate to be non-life essential. As a result, we find it to be important to look at what is going on at the State level, rather than in a micro-market, such as the Media area.
This graph illustrates that showings have dropped by about 91% compared to last year. Given our knowledge working with current clients, we know this major lack of activity hasn’t been lost, only deferred. As a result, we expect a massive and rapidly moving market as soon as the stay-at-home order is lifted. While a buyer may not be able to see homes today, we strongly recommend getting ready in every possible way.
The key will be an ability to act quickly, with precision when showings become allowed again, which can be expected to happen any day now. By getting “ready” we don’t only mean talking to a lender and getting pre-approved. We do believe that today’s buyer must be engaged in a detailed conversation with a Realtor®. This gives the power to keep discussing listings, even ones which recently sold, to gain realistic expectations of what to focus on. Virtual showings are already playing a major role in our near-future real estate world. Sellers are uncomfortable opening their door to groups of people, and buyers do not wish to hop around between many occupied homes.
The solution is to filter homes by touring virtually, live, with your Realtor®. Our team has practice with this highly effective technique. If you care to move to the greater Media area, get in touch with us. Our team can help make sure you are prepared for what we believe to be one of the biggest and fastest waves in real estate. Yes, you can still find your perfect home, but you need to partner with the perfect team first.
Contact us today at 215-285-6435, or Tony@TheAffinityTeam.com, so we can get this conversation started.