Real Estate has Now Been Categorized as an “Essential Service” – What Does That Mean?

Now that Real Estate has been officially classified as an “Essential Service” by the U.S. Department of Homeland Security Cybersecurity and Infrastructure Security Agency (CISA), what does that mean to anyone who is thinking about buying or selling a home. Well, it means you can now see homes in person, rather than just through virtual tours or virtual open houses. So, the bottom line is that showings of homes are back! Yes, all buyers and sellers must adhere to a STRICT set of rules and protections (see our lengthy regulations lists), but what it means is that there will be JUICE back in the real estate industry. While the first two weeks of the virus outbreak caused showings to be muted, that will now likely change fairly rapidly. Yes, it will take a week or two for buyers to realize their newfound freedom, and sellers to see that uptick, but it’s only a matter of time until there’s an onslaught of new showings. With historic low inventories of homes for sale and crazy low interest rates, buyers are ITCHING to get back to seeing homes in person. Our internet views of our listings have been trending at 2 or 3 and sometimes even 4 times the number of hits that we got before the “sheltering” order. It is evident that buyers are sitting at home in front of their screens and salivating at the chance to purchase one of these homes they’ve been looking at. And add to that fact, that when you have the frustration of not being able to see the homes in person, then added to the cute little ruckuses that little Johnnie and Mary are causing in these buyers little condos, they say to themselves that “as soon as this sheltering thing is over, we’re buying a bigger home!” That’s the precise definition of “Pent Up Demand”. So even before the entire economy opens back up (likely Mid May or so), showings and multiple offers will be back. We are already seeing signs of it already with bidding wars back as a common occurrence. Yes, it’s true that not every price range (Luxury Homes will be the lone slow spot from all economic projections) will have the same interest levels and activity, but the market itself will shortly return. Great time to get a great price! Or Great time to buy a more spacious home for the kids!