By: Chip James, Realtor
What a difference three weeks can make.
On Monday, March 9, 2020, Governor DeWine declared a state of emergency when our state had just three confirmed cases. On March 12, it was announced that Ohio schools would close for at least three weeks, and it was also announced that no gatherings of more than 100 people should take place.
Today, March 30, 2020, we are starting our second week under a state-wide “stay-at-home” order. By midday March 30th, Ohio reported 1,933 confirmed cases, including 475 hospitalizations.
Dialing in on the primary Dayton area counties, we see 31 cases in Montgomery County, 20 in Warren County and just three in Greene County.
So, in the midst of these unprecedented times, what is happening to the local real estate market?
The way that we practice real estate day-to-day has definitely changed. We are meeting with potential sellers virtually through Facetime conversations, or Zoom meetings.
We are showing homes to buyers virtually, or in person while being aware of six-foot separation and abiding by social distancing guidelines.
Closings are still happening, but buyers and sellers sign in separate rooms, or at separate times. Home inspections are happing, but inspectors are visiting the home alone, rather than hosting a group of people like the buyer client and the real estate agent.
It’s important to note, we are so early into this pandemic, the lasting effects may not be known for several months. But, currently, many aspects of the market are still doing quite well.
Let’s look at two of areas of town where I specialize – Springboro and Centerville.
Since the announcement that bars and restaurants would close on March 15, Centerville and Springboro have seen 39 listings get accepted contracts and enter “pending” status.
Since the “stay-at-home” order one week ago, 18 homes in the Centerville/Springboro areas have gone from active on the market, to pending with accepted contracts.
Looking at the Dayton area as a whole, 347 single family homes have gone to the pending status over the last 14 days. That averages out to about 25 homes with accepted contracts each day during this challenging time.
This shows that buyers are still in the market and making offers on listings that are priced appropriately, and staged well.
Is it possible that many buyers are going to wait on the sidelines to see how COVID plays out? Sure. But, in real estate, there are always sectors of buyers that need to buy no matter what’s going on.
If you are a homeowner that needs to sell, or thinks you might sell in the next one to three months, speak to a Realtor right away.
Chances are, the market is more favorable now than you may think. If you are a seller that needs tips about what you can be doing to make improvements to your home while spending so much time at home, email firstname.lastname@example.org.
If you are a buyer, re-start the conversation with your lender to see how rates have changed, and get in touch with your Realtor to find out how we’re showing homes while also practicing social distancing.
If you are a potential buyer that wants to keep an eye on a particular segment of our market, click here to give more info.
Please stay educated on what’s going on with the Coronavirus/COVID-19 outbreak in Ohio. The Ohio Department of Health website is a great resource.
Stay smart. Stay safe.