COVID-19 & The Pacific NW Housing Market
COVID-19
A Look at the Pacific Northwest Housing Market
As many of you know, the Stay Healthy, Stay Home proclamation has far-ranging impacts on our region and the housing market is no exception. The stay at home order has ensured the slow spread of this virus which has in turn impacted nearly every business. Deemed essential on March 27, real estate brokers are able to continue delivering services but with modifications that meet CDC guidelines as outlined in Governor Inslee’s Real Estate and Mortgage Guidance Memorandum.
It is our utmost priority to ensure the health and safety of our community which is why we’re shifting services to better meet your needs. Our wonderful team is providing virtual tours so you can explore one of our homes from the comfort of your own. For those that can envision themselves living life at The Bridges, we’re offering in-person tours of our model home. Each tour meets the guidelines of the CDC and we clean and sanitize between each visit. To schedule a virtual or in-person tour, please email our team.
Realogics Sotheby’s International Realty recently wrote on the pandemic and the direct implications to the housing market. Dean Jones, President and CEO of Realogics Sotheby’s International Realty said, “Widespread concern regarding COVID-19, business closures and quarantines will likely affect consumer behavior and our industry into the next quarter. Our brokers are already moving to where the market is moving next and preparing their clients with new policies and procedures. Our daily life is disrupted for now, but the market fundamentals will prove resilient. What’s most important is that our brokers, employees and clients exercise the precautions to stay healthy.”
So, what are the practical and behavioral impacts relevant to selling?
No group marketing
With the Governor’s restriction being expanded to all gatherings of 50 or fewer except where social distancing measures are employed, some forms of marketing activity must for now be immediately suspended. These include all activities comprising group gatherings: events at restaurants, bars, personal homes, and other venues. In regard to such promotional events, the Governor’s restrictions are clear and need no elaboration. Even for events with fewer than 50 participants, the social distancing requirements make this kind of promotion impractical and introduce unacceptable health risks.
No open houses or group tours
The threat level has been raised to the point that any contact, even that encountered in a typical open house, will unacceptably increase not only the level of exposure to the virus, but liability exposure of clients and brokers. Consequently, until these restrictions are lifted by the public authorities, RSIR strongly advise against our brokers offering or hosting open houses when marketing a home for sale. In their solicitations of listings, brokers offering to market homes that are expected to take longer to sell may explicitly offer to host open houses after the restriction on meetings is formally lifted by the Governor’s office or by whichever authorities have imposed such restrictions.
Careful management of home viewings
Viewings should be carefully scheduled to ensure that no more than one buyer or buying couple are shown through the home at once. If several are to be shown the home sequentially, buyers should remain outside, preferably in their vehicles, until all others have exited the property. Brokers should consider asking buyers to leave their children at home or schedule daycare during their viewings as appropriate. Brokers should also provide sanitizer and disposable (single-use) gloves and shoe covers at the door. As there are now supply shortages of these items, these may be difficult to obtain, and this may require other protective measures or impact scheduling of a viewing.
Other traditional and non-traditional marketing
To pick up the slack, brokers should advise their clients to maximize those forms of buyer engagement that do not require interpersonal contact: internet marketing, including streaming video, social media, virtual tours and email campaigns; newspaper and periodical advertisements; custom publications; and traditional mailing campaigns.
Interpersonal contact
We arnestly recommend that brokers minimize all their face-to-face interaction with clients, customers, vendors, and all others, and strongly advise that all brokers and staff strictly follow the CDC’s guidelines for prevention: https://www.cdc.gov/coronavirus/2019-ncov/prepare/prevention.html.
Conclusion: be safe, have confidence
This is going to be a time unlike many have seen before. We urge homebuyers, sellers, and brokers to protect themselves, but also to share confidence in managing these circumstances and in seeking out the extraordinary opportunities that await.
It has been inspiring to watch our community rally around one another to support our local business owners, friends, and neighbors. We share an abundance of gratitude for those on the front line who are sacrificing so much for the health and well-being of our region. We are in awe of the small business owners who are working tirelessly to change up their structure to continue providing jobs to their employees.
We look forward to once again visiting our favorite spots around town, or having the neighbors over for dinner, but until then we wish you all to stay healthy and stay home.
