With Governor Inslee’s “stay home, stay healthy” mandate on March 23rd, real estate brokers may not conduct any business outside of our homes, and that includes showing or previewing homes. We cannot do any in-person business whatsoever. For the health of our community, we are putting things on hold for the next two weeks. (Earlier this month, our MLS prohibited marketing open houses.)
It is unclear as of this writing (March 24, 2020) how all of the other industries involved in real estate will continue (home inspectors, contractors, appraisers, title and escrow companies, etc.). Some of these will be on hold like real estate brokers; others will carry on. Information is changing by the hour, day by day.
The real estate market has persisted as a very strong seller’s market because of the low supply of homes and the high buyer demand. And I believe this two-week holding pattern will temporarily slow things down only to lead to a surge of activity in April (if this mandate is lifted then). Even after this wave, we still predict the market to continue as a strong seller’s market. Our next concern will be employment numbers and consumer confidence. But those qualified buyers will be enjoying low interest rates, which are absorbing the increasing home prices.
It is very challenging to predict the market right now with so much uncertainty. But if you are considering making a move this year, let’s talk.
Some of my buyers and sellers are telling me they want to hold off while others need to move now. There are options and lots of technology that can help us. Each one of my clients has a unique situation, and I can help advise and develop a plan, using smart and safe protocols, helping and supporting my clients' needs.
It's no doubt there are added challenges in our marketplace right now. This two-week "stay home, stay safe" directive is temporary, but hopefully a very strong action that will yield very positive results here in Washington State.
Please “stay home, stay healthy” and we can get through this sooner rather than later. If you have any questions or want to chat, I’m always available.