07/29/2020 by Suzie Coronel 1 Comment
What has COVID done to the Maryland real estate market? PART 2
In my previous blog post, I provided insights on COVID’s impact on the MD real estate market. In follow-up piece, I will briefly explain the new and ongoing issues associated with real estate transactions, as well as new developments happening in the MD real estate market due to COVID.
It is clear that no one can predict the end of COVID. As the year progresses, Realtors are constantly tweaking typical practices. Below you will find 2 properties that were listed by agents for almost 150 days BEFORE COVID hit. I took the listings and got them under contract, quickly, and during COVID. This is a proof that not all agents are equal. The second quarter officially ended June 30, 2020 and will go down as one all of us full-time Realtors will never forget.
Visitors to my website can find the typical selling process and the typical buying process; which is where I deirect most of my new clients. However, sellers and buyers will always be in different situations, so from there I conform a plan to fit each situation. The image on this post highlights my transactions that started at the beginning of COVID, April 2020, and closed by June 2020. Not one transaction was "typical". Below you will see a quick review of the obstacles each transaction had.
- Detached home in Essex, Balt County, DOM (Days On Market) 7
– The previous agent had this listing on 10/30/2019. She had it listed for 146 days. I was hired to take on the listing 4/25/2020 and put it under contract in 7 days.
– Buyer’s agent didn’t feel comfortable showing homes to buyers during COVID, so I showed it to them for her. Buyers were from NYC during the height of COVID.
– Home appraised for $5000 under the purchase price. Appraiser used comps from 2019 and said that our market was no different from last year. I argued the appraisal. I lost. I filed a competency complaint to the commission.
- Row Home in Patterson Park, Balti City, DOM 66
– Seller occupied the home, some buyers and Realtors weren’t wanting to go into an occupied house because of COVID
– Buyer was a (FTHB) first time homebuyer with a very protective father.
– Buyer’s agent was fairly new.
- Condo in New Market, Frederick County, DOM 24
– Sellers bought this in Dec 2019, new construction. Life happens and we listed it not even 3 months into them owning it.
– It was attracting older buyers looking to downsize. I was sure to market that the condo was in fact clean and vacant to help buyers feel more comfortable seeing properties during COVID
- Row Home in Patterson Park, Balt City, DOM 1
– Home appraised for $5000 under the purchase price. Appraiser used comps from 2019 with completely different amenities and said that our market was "in balance" in reference to supply and demand. I argued the appraisal. I lost. Competency complaint is in the works.
– The buyer, the buyer’s agent, and the lender backed my argument. A great example of working with great professionals.
- Row Home in Canton, Balt City, DOM 23
– Seller was moving out of state for a new position in the medical field.
– Buyer was furloughed but starting back to work Aug 1st. (lending nightmare)
- Detached home in Glen Burine, Anne Arundel County, DOM 4
– We 70 showings in 2 days.
– Since COVID, Realtors can’t book showings that overlap other showings. Trying get everyone through without overlapping was tough.
- Row Home in Federal Hill, Balt City, DOM 10
– Probably one of the smoothest settlements of the quarter!
– Great agent, buy, and seller
- Row Home in Canton, Balt City, DOM 8
– Home had been vandalized while under contract. That contract was released.
– The new buyer is gutting it for a CHAP renovation.
- Row Home in Canton, Balt City, DOM 39
– Buyers came from out of state. Their agent used FaceTime to show them the house. The day of settlement was the first the buyers had seen the house.
– Contract was contingent on the buyers selling a home in Denver, CO
– So much could have gone wrong, but with strong agents on all sides (even in CO), all went as planned.
- Detached Home in Bel Air, Harford County, DOM 15
– Home went under contract within the first week. Buyer’s backed out.
– Home goes back on the market and under contract within a week.
– Part of the appraisal required a power line to be removed. BGE went out and labeled whose line was who’s. Comcast was also quick on going out. But Verizon…. which was the line that need to go, wouldn’t go out because of COVID. Nightmare!
There should have been 2 more properties highlighted but both settlements got pushed into July.
Pushed settlement #1` – Detached Home in Overlea, Balt City, DOM 25
–The previous agent had this listing on 11/01/2019. She had it listed for 148 days. I was hired to take on the listing 4/25/2020 and put it under contract in 25 days.
– VA financing
– Buyer isn’t able to sign or send docs online
– Buyer’s agent isn’t full time
– This settled in July (3rd quarter)
Pushed settlement #2` – Detached Home in Glen Burnie, Anne Arundel County, DOM 8
– VA financing w/ Navy Federal, never again will I suggest a seller take a contract with Navy Federal financing.
– Buyer is ACTIVE military and transfer to MD was hauled due to COVID
– This was supposed to settle in April! This settled 7/13/2020 (3rd quarter)
Whether you are a BUYER or a SELLER, choose a Realtor that is getting results.