07/01/2020 by Suzie Coronel 0 Comments
What has COVID done to the Maryland real estate market? part1
Insights from a top real estate agent in Baltimore, MD
While I cannot speak to the science behind this Covid-19 or what impact the virus had, and continues to have, on stock markets and other industries, I can speak to the Maryland real estate market that I am activity involved in.
March is historically the very beginning of the spring market in Maryland real estate. This is typically the busiest season/quarter of the year. At the beginning of COVID, my real estate business continued per usual – sellers were listing and buyers were out looking. Towards the end of March and the beginning of April, the governor initiated restrictions impacting a majority of the state’s population. "Essential" became a buzz word, with Maryland Governor Hogan declaring Realtors "essential workers." However, this gray area left many real estate agents across Maryland unclear of what we could do and not do. Could MD buyer clients view homes in person? Do "high risk" MD sellers take their homes off the market?
Maryland Real Estate Agent’s Response to Covid
What did real estate agents across Maryland do? All of the above. Some agents suggested sellers pull their listings. Some agents limited showings to "virtual tours." Some agents felt it was unsafe to show their buyer-client properties. Some suggested to hold off until we knew more about the pandemic.
It’s important to acknowledge every real estate agent’s situation is different, and that needs to be taken into consideration. I reached out to other Realtors that I respect within the industry to get their thoughts and help weigh the options I was considering. Following these conversations and taking into consideration my personal situation – healthy, single individual with no children or elderly living in my personal residence, I then educated myself on recommendations outlined by the public health experts and decided what was best for me and my clients.
After deciding what I was comfortable with, I reached out to each of my clients to see how they wanted to proceed. Not one client hesitated with my direction. Not one seller wanted to pull their listing or minded potential buyers seeing the properties in person. Not one buyer wanted to do virtual tours vs in-person showings. Not one buyer was concerned about lending. For these reasons, I continued servimng my clients like I always have, while adhereing to protocols from health officials and scientists.
The official 2nd quarter of 2020, April 1st – June 30th , has been a straight hustle! It is truly a seller’s market because inventory is so low. Most buyers entered into competing contracts and houses didn’t sit on the market. By June 30th I will have closed 12 homes since April 1st. No transaction is alike and contracts during COVID was no different.
My gut feeling is that inventory will soon be on the rise. I’ve decided to keep track of ACTIVE listings by county. I’ve focused on Anne Arundel, Baltimore City, Baltimore County, Carroll, Harford and Howards Counties. I’ll be posting a bi-monthly blog base on my findings so that you can see for yourself.
The bases of this blog…LIST YOUR HOME! Give me a call at (410) 336-2569.
Just a few fun pics of lisitng appointments and showings during COVID