Real Estate vs the Pandemic

The year 2020 has been challenging for many.  It has been a year when we have learned to do a lot remotely, and homebuying is no exception.  From going to work to attending school, grocery shopping, and even seeing our doctors online, digital practices have changed the way we live.

232 Pavonia, Unit 516 – Sold 11/2020 $690,000 (0.7% below asking)

Some of those changes like working and schooling form home have clearly inspired folks to look for a new home. This year, rather than delaying their home purchases, buyers, sellers and agents adapted, which has led to a record-breaking year for many agents. 

How we adapted

By following the regulations set forth by the CDC and New Jersey, we’ve been working with buyers and sellers by providing virtual tours, floor plans, high-quality photos, 3D-tours, virtual appointments, videos, socially-distanced open houses, and even in-person showings. For those who adapted quickly, this was a record-breaking year for real estate sales in Jersey City despite the lockdown. 

Here’s a link to a graph showing some of the digital options buyers found most helpful in their searches this year, as noted by NAR in the 2020 Profile of Home Buyers and Sellers

In true 2020 fashion, virtual practices helped buyers safely narrow down their top choices, so they did not have to unnecessarily walk into more homes than they needed to.  I recently worked with a buyer who spent several weeks touring properties online.  He narrowed down his choices to the top 3 and I added several comparables.  We toured them all in one day and we just put in an offer that was accepted.   

Here’s the breakdown of home views by region.  You can see in the Northeast; folks are using the internet to reduce the number of homes they physically see by 50%:

A New Way to Shop for Homes in a Virtual World | Keeping Current Matters
Source: 2020 Profile of Homebuyers – NAR

At a time when health and safety are top priorities, current technology is making it possible for buyers and sellers to move their real estate plans forward at their own comfort levels, even through a worldwide pandemic. For many, this means buyers no longer have to physically tour every home they want to see, and sellers don’t need to open their doors over and over again throughout the process.

Bottom Line

If you’re ready to make a move, you may not have to press pause on your plans this season. Reach out to a local real estate professional to determine the safe and effective options to buy or sell a home in your area or wherever you’re looking to move.