Grand Rapids Homes Still Selling
Tom Sprich • April 14, 2020
With Help from Online Tools During COVID-19 Stay Home Orders
There’s plenty of economic uncertainty in the world today, and for good reason. The COVID-19 pandemic is pushing us headlong into uncharted territory, with business shutdowns, travel restrictions, and social isolation being the orders of the day. There’s a lot going on, and things are developing fast – but we’re happy to report that the real estate market, especially in Grand Rapids, is still moving!
Economic Impacts of COVID-19
Depending on who you ask, we’re either heading toward a recession, or we’re already there. This might give potential homebuyers cause to worry, but things aren’t as bleak as they may seem. If there’s one silver lining we can find from the pandemic, it’s proof that we as a society are more adaptable than we think. (And for potential homebuyers, the historically low home mortgage rates aren’t bad either.)
The COVID-19 spring market is expected to shrink when compared to the end of 2019, but the effects may be temporary, according to Capital Economics:
“…we expect total home sales will drop by around 35% in the second quarter compared to the end of 2019. But the dip should prove short-lived.
Assuming a strong fiscal and monetary policy response, pent-up demand from the spring buying season will help sales recover by the end of the year.”
We can’t deny that the economic pressures of the pandemic aren’t worrisome, but fortunately, the modern real estate market is flexible, and many of the home buying processes you’re accustomed to are still alive and well – only in a safer, digitized form.
How Grand Rapids Real Estate Is Adapting
Shelter in place. Lock down. Social isolation. Each of these public health initiatives pose challenges to modern real estate, and we’re just now feeling the effects. Of course, we’re not waiting for the COVID-19 spring market to end before taking action. Grand Rapids homes are still selling, in part, due to the creative approaches realtors are taking to sell property while complying with social distancing:
- Virtual tours delivered through Facetime and other video platforms
- 3-D property tours via website
- Photos and communiques with realtors over email and text
These digital channels are meant to help you understand your options without any social risk. And in today’s market, plenty of buyers are taking advantage. We’re seeing more buyers assess properties entirely remotely, allowing them to feel comfortable about making an offer on the property. These offers are contingent on physical walkthroughs, of course, when the social distancing rules of the COVID-19 spring market are lifted. But for now, they’re a safe and effective way to browse your options.
Finding a Home in Grand Rapids
While in-person real estate transactions may be down right now, our online usage is soaring. In other words, many of us are stuck at home right now with more time on our hands than we’re used to. This is the ideal time to get online and browse real estate properties
at your leisure.
Take your time and pick out your favorites. When you’re prepared, you’ll be ready for a virtual meeting with Tom to go over the details. These simple steps will help prepare you to act immediately when you’re ready to make your home purchase in full.
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