The past few weeks have been positive in our market! We are
seeing an increase in the rate of homes coming onto the market for sale, homes
are going under contract and transactions are closing. While this spring market may not be as active
as in previous years, we are still relatively active considering the
coronavirus environment.
Recent lockbox activity reports from RMLS, show an increase
in the showing activity over the past three weeks; most recently, Oregon lockbox
openings showed an increase of 5.9% for the week ending 4/12, 12.3% for the
week ending 4/19, and 18.9% for the week ending 4/26. The lockbox activity is a key indicator and
shows we are quickly returning to normal showing levels.
In just the areas of Beaverton, Hillsboro, Forest Grove and
Cornelius, we saw 101 homes listed for sale during the week ending 4/25 and 114
new listings the week ending May 3rd. For the same communities during
the same two weeks, new pendings were 102 and 118 respectively (homes that went
under contract and placed as pending in the RMLS). We are even seeing multiple offers on homes
that are prepared and priced correctly. Again,
the increase in the number of homes coming onto the market, the increase in
showing activity and the increase in the number of homes going under contract
are all pointing toward improvement in our local real estate market relative to
the initial weeks of the stay at home order.
Buyers and sellers have both accepted, and adhere to, the
COVID-19 protocols when working with their agents. While homes that are vacant tend to get more
showings, we are beginning to see occupied homes get increased showing activity. Typically, if a home is owner occupied, the
sellers limit the number of people at the showings to only the agent and
qualified buyers, requesting that children not be present – both for the safety
of the homeowners and the buying family.
Agents are ensuring that hand sanitizer, wipes, masks, booties and
gloves are used when onsite visits occur. Again, the health and safety of all
involved is of paramount concern. When
necessary, sellers are requesting offers made and accepted subject to onsite
inspection to limit the viewing of their home.
A feature that an increasing number of agents are using is including
virtual/video tours and/or 3D tours on their listing. Buyers can ‘tour’ the home prior to personally
walking through the home. This helps to
narrow down the selection of homes that buyers choose to view as they search
for their next home. Open houses and broker tours have been canceled until
further notice. Interactions between
clients and their agents are happening via applications such as Zoom meetings,
using electronic signatures, facilitating Facebook live walk-throughs and other
virtual means to conduct needed business and communication.
Other changes that buyers and sellers are experiencing are during
the inspection, lending and closing processes.
All parties have adapted their own COVID-19 procedures and the processes
are moving along with limited delays, if any. Again, everyone is concerned with
the health and safety of their clients and taking necessary steps to ensure
proper distancing and protection are in place.
Are you considering making a move this spring or summer? Let’s talk about how we can take advantage of
the current real estate market while taking steps to maintain everyone’s health
and safety.
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