It’s great to know that COVID-19 vaccines are readily available for just about every adult in the United States by now. We got our vaccination shots and that gives us a little more confidence in getting our lives and business somewhat back to normal after a very strange 2020. It may be the literal and figurative shot in the arm our market needs! However, there’s still a long way to go before we can truly get back to normal—or the “new normal,” whatever that looks like. We have to exercise caution and implement best practices when it comes to real estate.
Vaccine Confidence
If you have gotten vaccinated, that’s great. We are talking with a lot of clients who are feeling more confident and eager to move after getting their shots. Sellers are looking to take advantage of today’s strong seller’s market conditions (be sure and check out our recent blog article series about planning in a seller’s market—click here). Buyers are also looking to capitalize on favorable mortgage rates and new-found freedom. Many more people have the opportunity to work and school from home, which is freeing them up to move to new areas.
Recovery Lead by Real Estate
The market shutdown happened abruptly last year and then there was a brief flurry of sales activity after things opened back up. While everyone has heard about the “crazy market,” the reality is that transaction counts are down because there are fewer homes being sold. Yes, prices are rising rapidly and homes often receive multiple offers, but many buyers are frustrated and/or being shut out of the market. We do not see an end to this environment anytime soon. It is a robust real estate market but the pace is extraordinarily frenetic.
More Vaccinations = More Real Estate Opportunities
More people being vaccinated will help keep the economy moving in the right direction as we inch toward the herd immunity we need to fully open everything back up again. Vaccinations are good for real estate because it can open up more ability to increase in-person showings and open houses. The technology that has evolved this past year is incredible with interactive virtual tours, 3D photos and videos and Zoom consultations helping to minimize the need for driving all over town every day. However, none of these digital resources can ever quite compare with a buyer seeing a property in person and deciding if it’s worth making an offer.
As the market opens up and vaccines allow for more in-person appointments and home tours, we should see even more positive activity in real estate. It will hopefully lead to more sellers listing their properties and getting to appropriately balanced marketing conditions, where both the buyers and sellers are on level playing ground.
Remaining COVID-19 Compliant
Another thing to keep in mind is that the vaccines do not necessarily prevent the spread of COVID-19—at least not until herd immunity is achieved. Certain safety protocols and sanitization procedures will remain in place for some time. The Cyr Team will remain vigilantly “COVID Compliant” in all of our practices.
We are committed to keeping buyers, sellers and everyone else involved in a real estate transaction safe. This means limiting the amount of showings and in-person meetings. We’ll be able to do more with our vaccinations, but we can’t go crazy with hugs and handshakes just yet! To learn more about our COVID Compliant pledge, click here.
To sum up, it’s still hard to say exactly what real estate looks like post-vaccination. For now, we are still focused on safety protocols and doing what we can to keep people safe. Over time, the restrictions will ease and the process will keep evolving. It’s just important to know that not everything will change back to normal overnight, and some changes from the past year will become permanent fixtures in the way we do business. This is going to be a long process. We all must be patient and do our part.
If you are thinking about buying or selling a home in Southeastern Pennsylvania or Northern Delaware, contact The Cyr Team today for a no-obligation real estate consultation.