How has COVID-19 affected the Rapid City Real Estate Market?
Here is what I know on March 16, 2020. (it might change by the end of the week!)
The Full Transcription:
Remember when we used to do that as kids?
Now hasn't that been the it's felt the past couple weeks? Rolling around and around not knowing really what's going on?
So, what about the Rapid City real estate market? What's going on? Should you buy? Should you sell? We're gonna talk about it right now.
Hello, I'm Tristan Emond with Mindful Living Realty.
Now I know there's been lots of videos about this virus and about the pandemic and what's going on what's not gonna happen.
So today I just simply want to present you what I know and hopefully that will help you make decisions in the future for what's going on. Now, of course, everything I say today - who knows - might be changed tomorrow.
But here's what I do know: I listed a property in Box Elder for $225,000 on Thursday. We had it sold with double offers in the next day. Under 24 hours.
I had a successful open house Sunday (yesterday).
I've talked with a couple of mortgage lenders. The processing teams and underwriters, they're all here. especially the local ones.
The appraisers - they're still out there doing their job.
The inspectors, they're still out inspecting.
The Title Companies are still open for business. In fact, we're closing one on Wednesday.
All the services that we need to get us from under contract to close are in place. They're all usually small, local business people that aren't in big groups. They are all doing their jobs - just keeping things moving along and marching forward.
What about inventory? Are there any homes on the market even? Are they even selling?
In the past week there been 73 new homes put on the market in the Rapid City area. Of those 73 homes, 23 have sold. Now that's 31 percent of the homes that have sold within a week.
Now, I would admit under a normal spring market, that number would probably be higher. But at 31%, we are still seeing homes being sold, we're still seeing homes listed on the market, there is still activity in the real estate market.
So, if you are thinking about buying a home during this time, what should you do?
Let's talk about a few steps that can help you move through this process in this weird spot that we're in now.
Number one. Stay in contact with your lender. Interest rates are volatile right now. They went down. They're going up. They might come down again. Who really knows what's happening? So make sure that you're in contact with your mortgage professional, so that when things are all ready to lock in, you can lock them at the right time.
If you are concerned about walking through a stranger's property, let us know. I've got rubber gloves! I can go take a video of the property. A very extensive one, upload that to YouTube, and you and your friends can watch it and make a decision about whether that house is right for you. Then when you come up with your top two or three, we can go and physically look at just those homes that you have an interest in.
Number three. Be flexible. This is an unprecedented event. We don't know what's gonna happen. We don't know what not what's not going to happen. Be flexible with your time, with your schedule, with your thought forms about moving forward and buying the property.
Having that kind of flexibility, that going with the flow mentality will help you navigate through the situation and we'll get you closed in the end.
If you're thinking about selling your home, here are a couple of things that will help you with strangers coming through your home and looking at your property.
Number one. Be proactive in sanitizing your home. Have hand sanitizer available right when buyers walk in the door. Now obviously we can't guarantee that they're going to use it. So, make sure that you also have disinfectant wipes and whatever else you need to wipe off doorknobs and other hard surfaces in your home that would most likely be touched by a buyer.
Number two. Consider staging your home appropriately so when they do walk in, they don't have to touch as much as possible. Open up your closet doors, leave your leave your mechanical room door ajar, have places ready and set up, so when a buyer does walk through there's minimal touching required on your hard surfaces.
Number three. Be prepared for longer days on market and potentially longer closing times. As we've talked about before, appraisers are taking a little bit longer. And also, all of the buyers that are usually in the market may not be in the market right now, depending on their thought-forms. Some might be waiting to see what happens, some may have concerns with their job and where their income might come from.
The motivated buyers are definitely there in the market looking for a property to buy. If you need to get your home sold during this time, it's important that you get your home on the market, make the appropriate preparations and be flexible for whatever might happen along the way.
And finally, it's important for you whether you're buying or whether you're selling to have a plan in place to ask questions of your realtor of your lenders of your inspectors.
To make sure that everything is in place for you to successfully buy or sell your property and as, I've said before, go with the flow.
You all are awesome.
We're rooting for you over here. Take care. Have a great one.