Elizabeth Colton Walls

A Real Estate Agent since 2005

  • Email
  • Facebook
  • Instagram
  • LinkedIn

Call Me At
Office: 615.327.4800
Direct: 615.804.3991

  • The Elizabeth Advantage
  • Buyers
  • Sellers
  • Blog

Do I Stay or Do I Go? Real Estate in the Time of COVID-19

May 14, 2020

Do I Stay or Do I Go?

Navigating Today (& Tomorrow’s) Real Estate Market

Do I Buy, Sell, or Wait?

If you were considering a move this Spring, that decision suddenly seems fraught with complications, leaving you concerned, confused, and cranky!  When making a decision to buy, sell, or wait, consider the following.

First, buyers and sellers who are currently active in the local market are serious, and there are fewer of them.

Secondly, we are coming off a strong Q1 in which inventory was under three months in Davidson County.

What does this mean for BUYERS?

A deal?

No. If you are looking for a “deal,” don’t expect one.  Low inventory means that sellers still have the upper hand. And some may opt to “ride out” the next few months rather than take a low-ball offer. But most sellers in the current market, whether relocating or in possession of a vacant or new construction property are looking to make a sale. *

Protocols

Since the last time you shopped for a house, there are new protocols for viewing property. These vary by broker, but expect to see some or all of the following:

  • Answer questions such as: Have you traveled in the past 30 days? Do you currently feel ill? Are you or anyone in your household experiencing any of the coronavirus symptoms as outlined by the CDC?
  • Travel in your own car
  • Limit the number of adults who accompany you to the showing appointment; no children
  • Refrain from using a bathroom at the listed property
  • Keep the 6ft rule at all times
  • Wear gloves, a mask, and shoe coverings
  • Leave your purse and other personal items in your car
  • There are no physical open houses

Viewing the Property

Given the cumbersome protocols, virtual tools are helpful. New listings often include dozens of photographs and virtual tours.

Many virtual tours don’t provide extensive views of the exterior, so take advantage of the fine weather to scrutinize the exterior of the house, examine the landscaping, and walk the neighborhood.

What does this mean for SELLERS?

Low Inventory

Should you list your home, our low inventory puts you at an advantage. The significance of inventory is related to a measurement Realtors call absorption rate, which is the rate at which the market is selling properties. How long would it take to sell the current inventory if no other homes came on the market? A balanced market is five to six months.

Preparing Your Home

Preparing your home for sale will be different than in the past. If you want to restrict the number of people who enter your home, staging, decluttering, and minor repairs all fall on you. You may choose to take you own photos. If you are comfortable having vendors working on the exterior of your home, maximize your curb appeal, which will be more important than ever.

Certainly, you will want to rely more heavily on technology, such as virtual staging, 3D floor plans, and drone tours.

Meeting with your agent

Meeting with your listing agent in person may not be possible so take advantage of Zoom, FaceTime, or Google Hangouts. The appropriate documents can be sent to you electronically.

Access to your home

Who has access to your home, and what protocols they must follow is entirely up to you. An agent may suggest the following precautions in addition to those listed above.

  • Disinfect surfaces like doorknobs, handles, and counter tops before and after showings.
  • Request a preapproval letter or proof of funds from all buyers prior to touring the property in person.
  • Turn on all the lights and open all interior doors prior to showings and ask buyers to leave the house as they found it.

How do I manage a COVID-19 delay?

Once there is an agreement, there is always the chance of a COVID-19 delay, a party gets sick, loses their job, or can’t get back from a business trip.  Most of the Realtor associations, including Tennessee, created addendums to address such circumstances.

 

How Hard is it to Get a Loan?

If you are gainfully employed in an industry that looks resistant to the fallout, good for you.

As for everyone else, tread carefully. This is not the time to be shopping rates on the internet. Go with a local lender who knows the lay of the land (pun intended!) and be flexible. Rates and terms change daily. Talk to a trusted lender for the latest information and advice.

Will the Market Recover?

Let me get out my crystal ball! With the pandemic still raging, the business stimulus in its infancy, and a stay at home order still in effect, who knows?

Happily, Nashville has been on a decade long boom– prices up and inventory down– so even if there is a downturn, it is a dip, not a crater. Lower prices and greater supply mean a more balanced market, which is not necessarily a bad thing. Those who have owned their homes for several years will have built up some equity.

Single Family Home Sales Davidson County

Number of

Closings

Average Sales

Price

2010 5,625 $203,112
2011 5,831 $206,345
2012 7,353 $216,092
2013 8,514 $245,237
2014 9,195 $266,534
2015 10,166 $297,189
2016 10,556 $332,191
2017 10,848 $363,122
2018 10,716 $385,779
2019 11,353 $409,703

 

In addition, prolonged confinement and too much HGTV has all of us rethinking our space.

The things you hated about your house before stay at home really annoy you now, whether it is insufficient bathrooms, absence of a dedicated home office, or a tiny backyard.

Expect some homeowners to take action on their new priorities and move– a few blocks or a few counties away.

Finally, conditions/restrictions of the past month may stick around. Virtual technology will play a bigger role in real estate. Buyers and sellers will remain concerned about safety and the economy. Open houses will come back slowly, if ever.

Stay tuned and stay healthy!

*In the past thirty days, there were seventy-nine single family home closings in zip code 37209, which includes the ever-popular Sylvan Park. Of those, twenty-five houses were on the market for fewer than two days.

 

Print Friendly, PDF & EmailPrint This Page

Related Posts

  • Do I Stay Or Do I Go-Part II  How The Pandemic Affected Home Sales In AprilDo I Stay Or Do I Go-Part II How The Pandemic Affected Home Sales In April
  • Price Your House To SellPrice Your House To Sell
  • August 2020 Sales StatsAugust 2020 Sales Stats
  • Managing Bidding WarsManaging Bidding Wars
  • July 2020 Sales StatsJuly 2020 Sales Stats
  • Home Sales May 2018Home Sales May 2018

Filed Under: Real Estate Tagged With: COVID-19, Davidson County Tennessee, home buyers, Home Buying in Pandemic, home sellers, Home Selling in Pandemic, Nashville Real Estate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Subscribe to My Blog

Subscribe to My Monthly Newsletter

Search Blog

Topics

  • Books & Reading
  • Books-Fiction
  • Books-Mystery & Suspense
  • Books-Non Fiction
  • Business Life
  • ECW Life
  • House Proud
  • Movies
  • Nashville Life
  • New York City Life
  • NYC Theater
  • Real Estate
  • Reflections & Rants
  • Television
  • Uncategorized

© Copyright 2013- Elizabeth Colton Walls. All rights reserved.

Elizabeth Colton Walls GRI,
3825 Bedford Avenue
Nashville, TN 37215
Office: 615.327.4800
Email: elizabeth@elizabethcoltonwalls.com