Real Estate Market Adjusting to New Ways of Operating
Agents, Buyers and Sellers are getting pretty savvy conducting business within the guidelines of Covid-19. April numbers are reflecting the impact from the virus.
Overall listings, pending’s and sales are down. Spring Market has been significantly slower than normal.
There has been only a slight increase in the number of days on market. Still multiple offer situations for under 500K.
Total number of closed transactions declined by 22% from this time last year in Pierce County, Kitsap County declined 21%
New protocols and restrictions have affected showings, but buyers are not slowing down. Lending Practices are influencing first time home buyers, who may not qualify under new criteria and jumbo loans are harder to obtain.
Median price for homes and condos in Pierce Co. increased by 11%, 13% for Kitsap Co. from this time last year.
Buyers & Sellers are relying more on technology and tools to purchase in today’s market. Open houses, viewings, signings and inspections are being done virtually. Making it crucial to work with an agent that has the knowledge and tools to get your through your sale!
I have adjusted my business to add to this “new” market, I’ve also gotten pretty good with zoom, if you want to chat. I am ready to answer any questions you have and if this is the right time for YOU to buy or sell! It’s not going to be the same for everyone. I hope you all are staying well!