Coronavirus Real Estate Update

Posted by Rick Cox on Friday, April 17th, 2020 at 2:25pm.

The Rick Cox Realty Group has always committed to excellence and professionalism, setting the bar at providing only the highest level of real estate service, even during these trying times. We will continue to serve future and current clients while keeping everyone’s safety in mind.  We are setting up our capabilities to serve you virtually through the following –

Virtual Home Evaluations & Appointments

We are expanding our capabilities to meet with those virtually through Video Chat for consultations on Selling or Buying a home. If you are interested in setting up one, please reach out to us at 804 920 1738 or via email rick@rickcoxrealty.com

Virtual Open Houses & Walkthroughs

 For our listings we are offering virtual open houses that will be posted/shared across our social media networks. Interested in seeing a potential home, we can Video Chat or record a walkthrough for you, as well. 

Continuing our Services Safely

The Rick Cox Realty Group is continuing to do staging, professional photos, and additional services utilizing virtual tools to set up your home to sell or help you find your next home. We will also offer no contact private showings and bring necessary disinfectants with us. 

Current Real Estate Outlook & Data

The biggest question our clients are asking us is how is this affecting the local Real Estate Market? While in a shelter in place, Real Estate is considered essential and the market will continue to move.

Is right now a good time to buy or sell my home?

If you are interested in buying/selling a home, right now is the most important time to partner with a Buyer's or Seller's Agent. We have been keeping up to date on all the evolving processes and are staying ahead to provide the best services for our clients. As we move virtually, we have adapted to take the real estate process online and still give you the time and effort to make sure the process is easy. Throughout the end of March and April, our team has worked together to put new listings on the market, FaceTime buyers and do thorough walkthroughs of homes, and even connect our buyer to one of our listings. During this time, for those who are stressing because they need to sell/buy a home due to current situations, the market is still moving. Listings are continuing to be put on the market and houses are being sold. 

Buyer's advantages in the Current Market

  • More free time to online shop and finance. 
  • Current Historically Low Interest Rates Right Now
  • Less Competition

What are some important considerations to take before initiating the Buying Process?

Each buyer/seller needs to review their situation before making the big decision if right now is the best time. There are no guarantees in real estate, but taking a chance when you are 100% ready could pay off. A few things to think over before are - your job security, current savings on hand, and if you are emotionally ready. If you are on the fence, we are there for a free consultation to help provide you with case by case advice. 

Digging into the Data - What is the Housing Market doing?

Shown in below graphs and data pulled from the CVRMLS, homes are selling and being listed. Data trends for both 2020 and 2019 show close correlations. How do we know the market might keep trending – just on April 1st within Chesterfield & Richmond City there have been 492 new listings put in the market and 335 homes sold. Looking at the Chesterfield area, data seems to be trending alongside last years' data. On our listings we are continuing to sell and receive showings. What we are seeing is usually the closer to market value a home is, the more showings  and competitive offers they are getting during this time. Professional photos and staging  are more important now in current times than ever, as the real estate market transitions to a strong online presence.

We believe, while taking all the safety precautions, we must keep moving forward and work together as a team. That is why we will continue to serve our clients and maintain virtual exceptional service.

“Data based on listing from CVRMLS from February 1st to April 1st -30th for 2019 &  February 1st – April 17th for 2020. Information is deemed accurate but not guaranteed.”

 

 

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