MARKET MINUTE - APRIL 2020
COVID-19 EFFECTS ON THE MARKET
- Buyers are still making the decision to buy. Since April 1, there have been 33 homes in Auburn and 17 homes in Opelika that have gone pending. Interest rates are still at all-time lows.
- Inventory is LOW! Auburn has a 4.5-month supply of homes for sale and Opelika has a 3.4-month supply for sale. This means less competition for sellers but less to choose from for buyers.
- Technology is now required. Virtual meetings, virtual showings, video, e-signatures and e-closings are now the norm. Being able to provide this for buyers and sellers is key for a successful move.
Three encouragement take-aways:
- Take a deep breath and take the next step. During this time taking a deep breath and moving forward is your best move. I know this will help whether your next decision is real estate related or not.
- Embrace the change. We did not foresee being in this situation six weeks ago, yet we find ourselves here. Embracing the opportunities we now have can help make this time the best it can be, considering the circumstances.
- Be grateful and hopeful! History tells us all pandemics come to an end! What are you grateful for now? What are you hopeful for in the future? I am thankful for my family and hopeful for a time when I can sit down face to face again with family, friends and clients.