I know you are getting a ton of emails and information from every direction. I know fear is real right now. And uncertainty is everywhere. I'm happy we are all in this together regardless of our individual isolation in our homes.
Many of you that were planning to list your home soon or that have been home hunting recently are anxious about those plans. In recent days I have been taking in information from nationwide analysts in order to better guide my clients. In the short term, we have many unknowns. But we also have facts from our history that we can turn to until the unknowns become knowns.
Protocols: We've become wiser and more thoughtful. In just a few short days this week, we have adopted new protocols for listing and selling homes and we are taking care of our clients in new ways. See my facebook page over the next few days for more information on this as well.
Homes are still being sold: Per our closing department, home closings have not stopped or been delayed to date. Protocols have changed yes, but end goals have not. IF you are pending right now, your plan to close stays in place.
Homes are still being listed: Homes are going live and being sold. Where there is a need, activity will continue. On the MLS, just from the 17th - 20th of March we had 83 new listings and 51 pendings.
What does this mean for home values?: We are not currently in a recession but of the last 5 recessions, home values only depreciated in two of them. See image posted below. This gives hope for a best case scenario.
And finally, a good read for those interested in the US housing market overall:
I'm here to chat through anything you need. Stay safe and love on others.
I find joy in helping home buyers and sellers achieve their real estate goals, by equipping them with information to make empowered decisions on their real estate journey.