The greatest questions in times when there is uncertainty are “What should I expect today”, “What will tomorrow bring” and “What should I do”. You can rely on Smith & Associates to continue to serve the community as the skilled and trusted real estate advisors we have been and will remain. With that in mind, I offer you the following insights into the local effect of these unprecedented events.
Tampa Bay had a record-setting first quarter in real estate, which was the case broadly across many of the markets in the US. We are still seeing much of that success in current closings and inventory yet available. Of course we are seeing some market reaction as buyers and sellers adjust expectations and alter goals. Some choosing to wait and see, while others have made swift decisions. Each individual’s situation is unique and must be evaluated in total to find the correct path.
As many states, including Florida, have adopted new stay at home protocols, we have begun to see the effects of these actions upon the market as professionals and consumers adapt to sales and showings that can be done safely with buyers that have a need to purchase at this time. In our market, real estate activities have been labeled essential, as long as these actions conform to the current guidelines of size limits and social distancing. Together with your Smith Associate will be the best judge of the practices that are right for each situation.
Smith is adjusting strategies to accommodate for consumers limited movement through virtual showings, promoting with a more digital focus, fantastic photos and an elevated degree of electronic communication. Additionally, the closing process is being altered and advanced with safety and convenience in mind. Our administrators continue the 10-day pre-closing prep check to assure all is in order to progress smoothly onto successful completion of transactions.
Naturally, the market will slow in some price ranges and days on market will likely extend to some degree. However, buyers that have been waiting for the “right” home are venturing out for safe showings and buying homes. Of course some are testing values to see if sellers have felt any impact financially hoping to create some opportunity in price negotiation. It is early to tell, but as weeks extend to months, perhaps the trends will show some opportunity in certain ranges for properties not in top condition. Now is the time to get the home in great order so when you do come to market, the best presentation is offered.
If the home was on market prior and things have gone silent, it may not necessarily be isolated to what would be the typical considerations; price or condition, rather, the market may simply be in a pause until folks feel safe. After a period of readjustment occurs and stability returns in employment and our economy, routine behavior will reestablish and Tampa Bay will continue to be one of the best places to choose to live and enjoy life.
We at Smith & Associates, look forward to when buyers and sellers can become more fluid in their movement, but for now we have virtual, digital, and electronic solutions in action to service and support the needs of our consumers right now to accomplish the task of reaching the current goal. As time passes and we begin to see market changes, we will communicate further insights on values and trends with our team to deliver to the communities they serve as trusted real estate advisors.
May you and your family remain safe and secure and at any time we are glad to provide you with market information to assist in your decision-making process. We will continue to be your real estate resource and trusted friends in Tampa Bay.
President / CEO