Well a lot has happened in the last month hasn’t it? And it’s changing the landscape of many industries including real estate, although the changes are temporary in my opinion. Virtual showings and FaceTime videos have taken the place of open houses, and mobile notaries and esign templates are now the norm.
Good news though is that this hasn’t slowed down buyer demand all too much. 225 single-family homes in Maricopa have gone under contract in the last 45 days and to put that number in perspective, there are just 199 SFD homes in Maricopa currently available, so based on current demand there is still just about a 30-day supply of homes.
Now admittedly most of these homes went under contract prior to the “stay at home” order but many people are seeing this as a temporary disruption and with interest rates at historic lows and liquidity markets still flush, buyers are looking to capitalize.
For those sellers who may be wondering about when and if to go to market, my advice is that this is a good time to be on the MLS market. While physical showings will be noticeably slower, the online activity has never been this active. Many people are home now and shopping online and without a presence, they will not be seeing or considering your home.
An online presence is so important as 83% of all home buyers first see the home they eventually buy online and that is in a normal market so in today’s world, an online presence is essential.
There are also safeguards that can be in place to not only show your home but get it sold during these difficult times, so please consult a local Realtor and discuss those strategies.
In terms of new builds, permits issued have slowed down, albeit slightly with 254 new-build permits issued year-to-date. A total of 967 were issued in all of 2019.
If current conditions persist, buyer demand will slow down in the next 30-60 days primarily from uncertainty but also because many are being temporarily laid off. The good news is that credit markets have assured buyers that this temporary setback will not negatively impact their credit so when the pandemic is behind us and the economy opens back up, I anticipate a fair amount of pent up demand and based on current supply, a seller’s market will likely ensue.
Have another great week.