April 10, 2020 at 2:40pm | Mike Russell
With the fear of Covid-19 gripping the United States there has been a lot of information shared not only about CoronaVirus but Essential Business, Non Essential business and what is means for the economy, inevitably this leads back to questions about the real estate market.

Real Estate has been considered an "Essential Business". While being considered essential does not mean business as usual. Like many businesses we have had to adapt our business to changes in the market and to make sure that we keep our home sellers and buyers safe during this time. I wanted to take this time to tell you about how Mike Russell & Associates is changing to protect you and your largest investment during this time of need. While now may not be the perfect time to sell a home for many, for some sellers they have no other choice.

What does the market look like right now?

Real Estate is and always has been local, what is happening in other states has nothing to do with the KC Metro Market. For the last 3 years we have been struggling with a low inventory of available homes and strong buyer demand. What we have seen in the last 3-4 weeks has only made our low inventory problems worse. Each week we have seen Under Contract/Pending sales increase while the number of new listings has decreased. Buyer demand has been increasingly strong while many sellers postpone listing their home. We have seen 2 reasons for sellers delaying listing their home for sale, fear of having people through their home and fear of the market.

How We are helping Sellers?

‚ÄčIf you haven't heard the term Virtual Real Estate yet? You will start to hear it more and more. Virtual Real Estate is intended to provide as much information about a home possible including a detailed 3D Virtual walk through of a home so that a buyer has enough information about a home that they could make an offer on the home without visiting.

See our 3D Virtual Tour 

We have also instituted changes to how we conduct home showings for sellers who are ok with having buyers still visit their homes in person. We have a very strict protocol in place to keep your home as safe as possible. Those changes include only allowing 1 showing group per hour, keeping showing parties to only decision makers, providing protective shoe covers and helping the seller prepare their home for the showings in advance.

What are the advantages of selling now as opposed to waiting for Corona Virus to pass?

We are currently in the heart of our typical Spring Selling Season and there is a pent up demand for homes. While we watch inventory fall right before our eyes, the number of buyers continues to grow. Ask yourself this question, Do I list now when other sellers are holding back? or Do I wait and list my house when everyone other seller lists after restrictions are lifted?  

Need honest answers? We are here to help!

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