What happens when you have all the answers, but the questions have changed? It seems in today’s world this situation has become more commonplace. Many of the things that we take for granted are no longer true.
In times of rapid change, we must re-examine how we think, how we work, and essentially how we live.
The real estate business is not immune to this rapid change. In the last few months, we have changed the way we sell homes. Many of the traditional processes may no longer be the best way to market a house. At one time a seller’s goal was to get as many people to visit their house as possible. We would fling our doors open hoping that a buyer will walk in, fall in love, and buy.
Today we are more cautious. Using modern tools like drone photography, video promos, and virtual tours, we provide prospective buyers with loads of information before they ever walk through the door. It allows sellers to limit in-person showings and answer many buyer questions without a physical showing.
When it comes to in-person showings, buyers are asked to wear masks, gloves, and booties to help limit the spread of communicable diseases. Requiring safety measures has the added value of eliminating the lookie-loo that may not have a serious interest in the house.
But it isn’t just COVID related changes that have affected our business. Low inventory has made buyers anxious and sellers more choosey. In many markets’ buyers are overlooking repairs, increasing earnest money deposits, and waiving contingencies.
Lending has seen dramatic changes as well. With interest rates at an all-time low, lenders have seen a huge demand for refinancing, clogging the system and extending the time required to close a loan for purchase money as well.
Changes to the appraisal process are also affecting real estate with appraisal waivers, drive-by appraisals and desktop appraisals bypassing the full appraisal requirement. Certainly, an appraisal waiver is a blessing for most borrowers, but a low desktop appraisal can be a huge disappointment.
Buying or selling a house today may take on a quite different personality than even just a few years ago. Adjusting to a new and different market is imperative if we want to maintain our professionalism. Times have changed, at least for now.
For those of us that for so many years have strived to have all the answers, we must now make sure we know the question. When your client asks, “What should we do?” You may have to rethink your answer.
Joe Domino is a Realtor® serving the Phoenix/Scottsdale area. Need more information? Or to Search for your next home, visit www.Scottsdale-AZHomes.com