Selling your home during the Covid 19 Crisis – is it a good idea or should you wait until this crisis is behind us? In this episode of the Experience Flagstaff Podcast, we take a look at pros and cons of selling your home now. What is selling and what homes are seeing a decrease in buyer activity? We also talk about the protocols that we at Team Three 23 are using with our sellers to keep them safe. Also in this episode, we talk about the current real estate market statistics for Flagstaff, AZ.
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Episode 14 Overview:
Jacki starts by talking about the current real estate market. This episode highlights Flagstaff residential real estate activity between April 10-17, 2020. These statistics come from the Northern Arizona MLS.
Flagstaff Real Estate Market Update:
- Homes sold – 24
- New Listings – 35
- Pending – 6
- Under contract – 23
- Taken off market – 9
- Back on Market – 6
- Current active listings – 429
After giving market update, Jacki dives into the main topic of this week’s episode:
Selling Your Home During the Covid-19 Crisis.
There are pros and cons to listing your home during the Covid-19 crisis.
Right now, there is a lot less competition for sellers. Many sellers have either taken their home off the market or are holding out until the Coronavirus crisis is under control. That being said, there are still buyers looking to buy right now. People are realizing they’re in need for a larger home, smaller home, or just a different style of home. In addition, there are job transfers, family structure changes, and other life events that don’t stop just because we’re in crisis. So if you’re considering selling, you’ll have greater exposure due to the lack of inventory.
In the Flagstaff, AZ real estate market, we’re seeing most of the activity in the $500,000 and below range. Homes above the $500,000 mark are still selling, but there is more competition. If the home you need to sell is in the higher price point, be sure to contact us to discuss your individual situation. It may be best to hold off, but with the right strategy you could still be in a good situation to sell now.
In addition to having less competition, mortgage rates are staying historically low. This is keeping the buyers engaged. All predictions are pointing to mortgage rates staying low for the near foreseeable future, but there’s no guarantee. No one really knows what will happen to our economy in the next 6-12 months. We’re hearing the words “recession” and “depression” being thrown around, but we’re certainly not there now. So if you are in a situation where you need to sell soon, now may be more ideal than later.
But what about bringing the virus into your home? Sellers who are considering selling right now have this on their minds. And rightfully so! This is why we’re putting certain protocols in place to keep our sellers as safe as possible.
At Team Three 23, we are using several methods for our listings during the Covid-19 crisis. To view these in full, click here or listen to the podcast.
Connect with Jacki Tait, Co-Lead Agent for Team Three 23 – 602-904-3454
Connect with Stacey Ehrenreich, Co-Lead Agent for Team Three 23 – 928-606-1051
Connect with Sarah Taylor, REALTOR with Team Three 23 – 928-607-3015
Connect with Art Wilder, REALTOR with Team Three 23 – 928-202-0824
Connect with Mario Banda, REALTOR with Team Three 23 – 928-606-2077
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