April 4, 2020
I hope eveyone is doing well and holding up during these unprecedented times. I have received many phone calls and emails from clients curious about our business operations during this time and the market conditions overall. A summary of these conversations is provided in this blog post to provide you with helpful information to assist you in making any real-estate related decisions in the weeks ahead.
How is COVID-19 affecting the Louisville real estate industry?
Like most other "essential" industries that are still permitted to operate we are having to re-calibrate our offering to best serve our clients during this time, but rest assured that our firm was well-prepared for the challenges presented by this pandemic. By investing in cutting edge virtual tour technology for every listing 3 years ago, we were uniquely positioned to transition to today's virtual marketing environment allowing buyers to have their entire first showing conducted online. These 3D tours, coupled with our best-in-class photography and videography, give buyers the confidence to schedule in-person showings, or even submit offers, by giving them a true feel for the property from the comfort of their own home.
How are showings being handled?
Our commitment to showing up for our clients every day hasn't changed, but we are modifying our on-site showing services to comply with the governor's orders and abide by the latest recommendations from the Centers for Disease Control. This includes continuing to be present for all showings to turn on all lights, open shades/shutters, conduct any pre-showing staging, sanitizing surfaces, and opening doors so that buyers and their agents may view the home in its best light without having to interact with light switches and door knobs. Virtual showings are also being offered on-demand through Zoom, FaceTime, Duo, and other video conferencing services.
What about the other necessary service providers, are they able to work?
In general, transactions are being managed with a minimum of touch by all vendors, but all the necessary service providers are still working. This includes home inspectors using video conferences to review inspection reports, lenders and insurance agents working by phone and email, and title companies conducting "curb-side" and virtual closings for each part of the process, including notarization of documents by video call. The physical offices may be closed, but our team and our service providers are all working remotely to provide exceptional service for our clients from the initial listing or offer all the way to the closing table.
What's the Louisville real estate market doing?
We expect the market to move at a slower pace during this period of economic uncertainty, but the market is definitely moving in all price segments. For a summary of the recent market activity and a full report showing what's happening in your neighborhood, check out my blog post on the .
Should I sell (or buy) my home now or wait?
I am in discussions daily with my seller clients regarding their timing in these market conditions. Due to the variances in inventory level, buyer activity, and the resulting pricing opportunities or limitations, there isn't a "one-size-fits-all" answer. What's appropriate for one seller or property may not be advisable for another. If you're thinking of selling this year, let's set up a time to discuss your home and goals to craft a plan tailored to your situation. If you are thinking of buying, now is the perfect time to get off the fence. Long-term interest rates are still near historical lows and there are exceptional values available for those willing to transact while others are pulling back.