A Tremendous Transition

A Tremendous Transition

A Tremendous Transition

The real estate industry has undergone a “tremendous transition,” Coldwell Banker CEO Ryan Gorman said on CNBC last week.

“60 to 70 percent of all the buyers we’re talking to are looking at areas, properties, and even potentially making offers on properties having only seen them online, which I think speaks a lot to the pent up demand.”

Buying a property without seeing it in person is hardly ideal. But, in the new world created by COVID-19, virtual touring is becoming increasingly common. However, there are some challenges. The biggest may be “not seeing a property firsthand before closing.” That just about guarantees reality won’t compare with the mental image homebuyers have created. The property will look smaller and empty and shabbier, as virtually all pre-owned homes do. It will smell like someone else’s home.

And the neighbor’s house will be a disturbing shade of school-bus yellow, which appeared much lighter on Google Maps. They will feel the buyer’s remorse. The agent can’t change those feelings, but she can assure buyers they’re normal — preferably in advance.

A Tremendous Transition

INMAN quotes Gorman as saying, “I don’t think the long term trend will be to only look virtually at a property to make an offer, but I do think people are valuing their time and safety, trying to use some of those virtual tools to take a look at a property, weed out some and make an offer.”

The idea of home-staging is changing because it is hard to get photographers into houses. When it comes to staging, the process can be handled online, start to finish.

You can have an appointment with the seller using FaceTime, video calling, WhatsApp, Skype, or Zoom. Then sellers need to send photos to the stager of each room, from the doorway to around the corners. The stager will do an online tour through the house, making suggestions and will prepare a detailed, to-do list of recommendations for the seller.

A Few More Changing Trends

Gorman sees a few more changing trends in consumer searches. The number one thing is the lower demand for office space as more and more employees choose to work remotely.

Gorman is also seeing an increased desire for private outdoor space and more people looking to buy in rural areas.

He sees supply and demand picking up quickly.  “As we see counties, cities, and states lifting some of those stay-at-home orders, we’re seeing listings come on to the market, trying to catch up to that 20 percent deficit, as well as buyers getting into properties as quickly as they can.”

It is a new world for real estate since Covid-19. As an old-timer, anyone over forty, I can’t imagine buying a house unseen, but then I couldn’t imagen before January that I couldn’t see friends over dinner or not shaking hands or greeting a woman without a kiss on the cheek.

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As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  We offer the simple truth about your home and how we can help you sell it fast.

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Photo by Luiza Braun on Unsplash

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