Pandemic Real Estate in Atlanta

Despite the pandemic, real estate is selling. And fast. In Atlanta we’re seeing record number of sales and prices are still rising. I attribute this to a number of factors, among them:

• PENT UP DEMAND. When the pandemic hit full force back in March, and things started shutting down, real estate shut down also to a large extent. Fewer buyers wanted to go out and look at homes, fewer sellers wanted to put their homes on the market, and fewer agents were out there working. A lot of folks put everything on hold.
• TIME TO DREAM. And while everything was on hold for months, people spent a lot of time at home. They had time to look around at their home and think about what they liked and didn’t like. They had to time to think about where they might want to live next. And since they were spending more time at home, and might be working from home for some time, SPACE became more of a premium. Zillow got a lot of hits during those months.
• HISTORICALLY LOW INTEREST RATES. Add to the mix that interest rates remain low. Lower interest rates mean that buyers can afford more home. And buyers want to take advantage of that before interest rates begin to rise one day, as they inevitably will.

So when things started to open up again, there was a surge in demand that continues. Residential real estate is still moving quickly. But the way we show and sell real estate has changed – I think for the better, and I think the changes will remain even when the pandemic is past. Here are some of the changes we are seeing.

• SERIOUS BUYERS ONLY. With the pandemic comes concern about virus spread, particularly in properties that are occupied. So many agents instituted a “serious buyers only” policy. Only buyers who are in the market to purchase a home in the very near future should actually cross the threshold of homes on the market.
• MORE AND BETTER PICTURES ONLINE. Most of us already hire professional photographers and do our best to make our listings look fantastic online. But since it’s harder for buyers to get into properties, this is more important than ever. The First Multiple Listing Service (“FMLS”), which is the primary listing service utilized by agents in metro Atlanta, now allows agents to upload up to 199 (199!) pictures. We also use more drone photos, videos, and floor plans so that buyers can tell a lot about a property before ever setting foot in the house.
• LIMITED NUMBERS OF PEOPLE AT ONCE. Rather than a huge open house, many agents are instead opting for virtual open houses or videos. When the house IS shown, numbers who may enter at once are limited, and depending upon the house masks may be (and often are) required, as well as booties and in some instances gloves. Sellers leave all the lights on before they leave the house (so no one needs to touch a light switch). Buyers are asked not to touch anything and if an agent needs to open a door or touch a switch, they are to sanitize the surface afterwards.

Navigating real estate sales during the time of Covid-19 and be confusing. I am here to help with any of your real estate needs – and can help you figure out the best option for you during these unprecedented times!

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