MOUNT VERNON — Sibley Poland, a realtor for Red One Realty with nearly two decades of experience, has noticed some dramatic changes in the recent real estate market.
Physically, Poland and other realtors have adjusted to COVID-19 practices.
“As far as the pandemic, we have all adhered to the general rules that businesses adhere to which is wearing masks and social distancing during showings and sanitizing,” Poland said. “Of course some realtors have done facetimes or virtual showings or walk-throughs with clients who couldn’t be there or did not feel comfortable going in person.”
Realtors have done their best to avoid scheduling multiple showings at the same time and, in some instances, realtors have asked that showings limit their parties to 3 or 4 people.
“It has been unusually busy … but we see people wanting to move out of cities and to more rural areas.”
People from urban areas looking to relocate to rural regions, are coming from both in and out of state. Obviously inspired by remote learning, working, and months in quarantine, most buyers are looking for an abundance of outdoor space and properties with home offices.
This busy season has extended the market time and created a lack of inventory.
Currently, most properties spend 60 days on the market if the homeowners are seeking a loan; these houses are waiting on inspections and appraisals from appraisers who, as Poland put it, are bogged down with work. Usually, there are between 60 and 100 listings not under contract, but as of Thursday April 8 there were only 17 active listings.
“I definitely think that it’s still a hot seller’s market and if someone is looking to sell now it is definitely the time. But I think that is tempered by the next question, which is: ‘when your house sells where are you going to go?’ And that’s been a Catch-22, a stalwart.
“Some people are listing their homes and because of the lack of inventory they don’t know where they’re going to go. They’re afraid they won’t find their next home or find a place to rent.”
If possible, Poland recommends that homesellers get qualified to make their next purchase without selling or, instead, they try to secure a rental property in the interim or move in with family temporarily.
Poland also suggested that if homesellers are looking to rent while they find their permanent property, they should look at VRBOs and Airbnbs.
“I think people should know that people who run VRBOs and AirBnB’s, there is an opportunity for them to do long or longer term rentals for several months to homeless sellers who are looking for their next house.”
Ultimately, those looking to sell, purchase, or rent should start their search immediately.
