Challenging times always lead to innovation and change. The real estate industry is ramping up the use of virtual technology to adapt to the current situation and beyond. Your house hunt does not have to get put on hold because of stay-at-home orders or social distancing.
Fortunately, real estate transactions were deemed critical under Colorado’s Stay-At-Home orders. We greatly respect the responsibility that comes with this privilege. We understand the serious nature of the pandemic and are taking measures in our office and during showings to protect our clients, our staff, and potential buyers.
On our own website, we are seeing an increase in traffic for property views. We want to be able to cater to buyers while adhering to social distancing and/or quarantine.
Videos and virtual tours have existed in the real estate industry for years, but it has always taken a backseat to viewing a property in person. However, it has always been appealing for international buyers and undoubtedly will become increasing commonplace as we adapt to inevitable changes. We also expect to see an increase in sight-unseen purchases.
Aside from the virtual tours our listings have had since the technology became available about 10 years ago, we are also offering live tours through Facetime or Facebook. This allows buyers to ask detailed questions and get answers in real time during the course of the tour. With a virtual tour, a buyer can tour the house by video as many times as they like without leaving home.
For in-person showings, we have implemented a “no-overlap” policy to eliminate the chance of a showing agent and their buyers coming into contact with another group touring the property the same day.
In-person steps to close a deal and closing requirements such as inspections will not be eliminated and most contract transactions can be done electronically.
To keep the economy stimulated and make it easier to afford a mortgage, the Fed cut rates by half a percentage. The current 30-year fixed mortgage is 3.25%. According to the Mortgage Bankers Association, mortgage applications rose 15.1% in March. Another encouraging sign for the real estate industry is that some of the hottest markets in the nation (NYC and Seattle) also happen to have higher rates of positive cases, but their markets have not been affected.
Other factors for optimism include having a historically low inventory in Summit County with a great deal of vacant homes which are more appealing to buyers who want to do an in-person tour. We also have a tremendous increase in the number of pending sales compared to this time last year.
Any one of our 18 professional agents at Breckenridge Associates have the expertise you seek when it comes to buying or selling one of your most valuable assets. We are the number one selling office in Breckenridge with agents who have successfully navigated changing market conditions for many decades. Our office is open 7 days a week (with safe social distancing practices in place!). Give us a call today at (970) 453-2200.