For this blog post, we asked local realtor Tami Workman how the current crisis is affecting how people buy and sell homes. For more about Tami, please read her bio at the end of this piece.
The current crisis certainly affected the market, but not in the traditional way you might expect. Clients are still house hunting and still listing their homes on the market. What the local market and agents are feeling are the restrictions to “operate as usual.” The inability to host open houses or show buyers homes in person has changed the buying and selling process. Agents have quickly adapted to the current guidelines and in order to keep everyone safe, have adopted new procedures.
With that said, at the end of March, total average days on market were 37 which was an improvement from February at an average of 41 days on the market! Additionally, sales price has been 98% of list price which is up 1% from February!
Many homes currently going on the market have virtual tours available, 3D options, and slideshows. We are making every effort to include details in the descriptions normally obtained from in-person showings.
Ultimately, agents, escrow officers, lenders, appraisers, and inspectors are working hard to follow guidelines but still close homes in a timely fashion. Agents are writing up offers “subject to interior inspection” in situations where sellers were uncomfortable letting people in their homes without a serious offer and some homeowners are requesting interested buyers to be pre-approved before viewing the home. The new hurdles, and stricter guidelines have ultimately eliminated the casual “looker” and propelled buyers to get their “ducks in a row” much sooner. Window shopping has halted, and only serious buyers are in the market.
Currently all of Kern County has approximately 5 months’ worth of inventory! More specifically, depending on your desired area and price point it may be less! If you’ve considered selling your home, the time is now! Buyers are encouraged by the rates that still fall below the 4% mark and especially with beautiful weather upon us people are in the market. On the flip side, I urge all buyers to call their agent and request a lender if they don’t already have one. Go through the easy process of getting pre-approved and then let's house hunt!
As far as “what's to come” in the housing market, it can only be a guess how people will continue to respond. However, rates have remained low, and once the shelter in place order has been lifted I believe people will have realized they need either more space or less of a payment which in turn will bring more buyers and sellers to the market.
Mortgage Resources
Should you find yourself struggling to make your mortgage payment, the first thing you should do is reach out to your lender - NOT your loan officer - but actually the phone number on your mortgage statement.
About Tami Workman
I joined Coldwell Banker in the fall of 2018. Born and raised in Bakersfield, I owned and operated a business locally for 8 years before deciding to enter into real estate. I have been able to maintain the relationships I built over the past 8 years and continue to help my clients and stay connected through the home buying and selling process. It has been my honor to represent my clients and guide them through a very important process in their lives.
Navigating a new career, a 2-year-old (who didn’t sleep through the night for the first 17 months), 2 teens and regular life was challenging! However, I set a goal my first month in this career to earn “rookie of the year” and I did just that! It was a whirlwind to say the least, but I love it! I say all this to say, I will do whatever it takes to sell your home or to find you the perfect home!
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