Category: Covid19

The uncertainty the world faces today due to the COVID-19 pandemic is causing so many things to change. The way we interact, the way we do business, even the way we buy and sell real estate is changing. This is a moment in time that’s even sparking some buyers to search for a better deal on a home. Sellers, however, aren’t offering a discount these days; they’re holding steady on price.

According to the most recent NAR Flash Survey (a survey of real estate agents from across the country), agents were asked the following two questions:

1. “Have any of your sellers recently reduced their price to attract buyers?”

Their answer: 72% said their sellers have not lowered prices to attract buyers during this health crisis.

2. “Are home buyers expecting lower prices now?”

Their answer: 63% of agents said their buyers were looking for a price reduction of at least 5%.

What We Do Know
In today’s market, with everything changing and ongoing questions around when the economy will bounce back, it’s interesting to note that some buyers see this time as an opportunity to win big in the housing market. On the other hand, sellers are much more confident that they will not need to reduce their prices in order to sell their homes. Clearly, there are two different perspectives at play.

Bottom Line
If you’re a buyer in today’s market, you might not see many sellers lowering their prices. If you’re a seller and don’t want to lower your price, you’re not alone. If you have questions on how to price your home, reach out to a local real estate professional today to discuss your needs and next steps.

The following blog post is not by us. Tom Ferry is one of the top Real Estate educators in the country. We felt his words might resonate in your lives too!

No. 1: Are You a Lion or a Lamb?

Think of a lion or a lioness for a second. What do they do when something happens? Do they freak out? No. They remain calm. They survey the situation. They protect their own. They exhibit strength and act like a LEADER!

Now contrast that with a lamb… Lambs follow the herd. They flee at the mere sound of a twig breaking. They panic and run in fear.

In this crisis, are you going to be a lion/lioness or a lamb?

You need to decide.

I strongly believe the actions we take over the next 60-90 days will define our brands.

So stand tall. Be strong. Be the voice of reason. Be a pillar of your community.

When making your decision, keep this in mind from Greg Markov of the Real Estate Negotiation Institute, who just yesterday conducted a special “Negotiations During Times of Crisis” presentation for our coaching members:

“Fear leads to anxiety, and anxiety is a deal killer.”

 

No. 2: Now More Than Ever, Be Adaptable

Rigidness or reluctance to change will get you NOWHERE right now.

Hear me?

Do not try to fight this. You need to adapt, and you need to adapt quickly.

People on my team are working from home with their laptops on TV trays and dining room tables because our county has ordered no gatherings of any kind. My team accepted it and adapted on a moment’s notice without questioning it or fighting it. This is our new reality until we beat this virus.

So when it comes to your business…

…Get creative!

…Use video more than ever!

…Use Zoom or Google Hangouts to connect with your clients and your community at large.

I’ve already heard stories of people who are turning on their cameras and organizing remote yoga sessions.

Why couldn’t you do the same thing, but educating people about specific aspects of buying or selling real estate?

Be that voice of reason your community needs with a message to consumers of “We’re gonna get through this, and when we do, I want you better prepared to make wise real estate investments.”

 

No. 3: Be Smart

This one’s simple, but it needs to be said anyway.

Be smart.

Follow the health guidelines.

Obey your local orders and ordinances.

Wash your hands.

Practice social distancing.

Don’t point fingers.

Keep in mind what’s best for the common good… and we’ll all be better for it.

 

Change is swift and painful, but now is the time to adapt and build a strong community with your tribe.

As the lionesses and lions that you all are, how will you react to this growth test?