Subscribe to Answers
Some are freaked out, Some are...ok and others are really angry about the whole state of affairs. I am distressed at the level of panic and the hoarding of supplies.
Kathleen Daniels, Prob...
San Jose, CA
I'm no longer in that situation Praful Thakkar but I'm still in the public service business and so far it has not affected my business.
Kathleen Daniels, Prob...
San Jose, CA
Most remain motivated to continue. I'm showing property 3-5 days per week and taking a new listing tomorrow.
Those with financial concerns over how their business or job has been affected (and a few have in my client roster) have hit pause.
San Diegans seem to be taking it one day at a time except when it comes to toilet paper, meat, canned foods and bottled water. I wish the healthy would leave enough for the quarantined. But, my usual stores are civil, 80% stocked and lines not too bad.
Hope you are well my friend. Buffini & Company has cancelled upcomming events, not sure about Peak yet.
Thomas J. Nelson, REAL...
La Jolla, CA
Bob "RealMan" Timm
Clients are not so eager to chat about COVID-19. But, they are keenly interested in SOLUTIONS that apply to their real estate situation.
Conversation shouild be "This is what we will do" not 'What do you think about this."
How one demonstrates the viewing and showing of houses in a safe way tends to remove their 'safety' fear. Now, we all know a second issue of great importance is 'the assurance of closing.' There are way to many unknowns and those who will suffer collateral harm to give such assurance.
And lastly the question none of us can answer is 'How will we know it's over? Infection rate blimps down or remains steady? Vaccine available? Everyone tests to show they have developed antibodies naturally? How long will this go on?
That is the chorus in every ones mind. Long-lived uncertainty has catastrophic economic outcomes. Clearly Bank of America is not the only thing that can cause world wide economic disruption.
I have one seller putting showings on hold for a couple of weeks; one requested showing declined because they were doint the same. Meanwhile, my colleague hosted a successful open house for me at a property that had no showings but a houseful at the open event this past Sunday. Go figure! Came to terms on two properties since late last week and have 3 sellers prepping in anticipation of hitting the market. The conversations are being had and I take their lead to make them feel comfortable: if they need to put things on hold for a bit, I get it and we do.
I have a deal where the buyer declined to close early and mentioned he might not close on time and was wondering his options.
Peter Mohylsky. Brok...
Santa Rosa Beach, FL
Time will tell, most believed what trump said last week up until a few days ago, so most things are still moving forward.
As things shut down, we will make adjustments.
Seller says to me: I can move or vacation from this once my house is sold
Just has a seller request the list of agents that showed her home before it went under contract. Also found, with that seller, that the need to wait a day or two for multiple offers was not important. One offer they could deal with that stopped showings was what made them happy.
None of my clients have voiced any concerns as of yet.
Several potential buyers are coming into town next month. No concerns at this point and if there are/were, I'd use facts rather than the hype the MSM is selling!
Saying "This too will pass" to a seller doesn't make them feel better. They want to sell NOW, not later. As far as buyers go, I hardly get any leads from Zillow etc. these days. Hunkering down...
I am seeing a mix from thse scred to death, to those who have zero cares to those who have lots of questions, but are ready to move forward after speaking with me
No issues with my clients. Association has gone virtual for meetings, which I prefer and would like to see that stay for many of the meetings after the virus has passed.
Have a new listing hitting tomorrow and seller is pretty concerned. Have been showing some properties in what remains a very competitive market with some homes going pending in a day or two with multiple offers.
Interesting question, I'm based in Sydney, Australia and this is my personal experience for a property we were looking at buying. We attended the auction on Saturday - no bids and was passed in as a registered bidder was included in negotiations and after some backwards and forwards with the vendor through an agent we went up to our maximum price and the vendor wanted another $250k on Saturday night, so negotiations stalled. Today (Tuesday) vendor is open to our offer. I believe 2 weeks ago they would have got somewhere around the $250 - $400k more. It is having an immediate effect.
Also, our business which is a serves the real estate industry is already feeling the effects, we have over 200 staff in the Philippines who are all working from home as of Manila being in lock-down as of Sunday night and our Sydney office is only partly staffed - everyone else working from home. Numbers are down we are making plans for the future - its very concerning.
No Response Due to Corona
Much more Angst is evident.
One buyer was able to Sign Closing paperwork using DocuSign.
One of our Closing agents requires customers to keep the signing pen or throw it away (it was thrown away).
My Land buyer is ready to look, buy and Get Out of Town!!!
significant slow down in buyer traffic.. especially these past 3 or 4 days... the sellers are hanging in and fully understand this may delay and slow showings down significantly and have been very understanding. No change to any deals in process. We are all in new territory... have to see how it plays out. Buyers are enjoying the rate cuts.
No clients, no reactions.
Many are in the social distancing mode.
We don't talk about it all the time and have our own precautions in place. People still need to buy and sell. And in some cases, farms, land are even more in demand as folks make life decisions that always always involve real estate. That's where you and I come in. How about those low to the ground interest rates huh?
I am hunkered down and a Shelter In Place Order was issued last night effective 12:01 am today (3-17-2020).