I apologize for not writing an article in this paper for the first time last month, but I needed time to understand what was going on not only in North Central but basically all around us regarding Covid-19.
I am only going to write this column regarding what I know best and that is real estate -- representing both buyers and sellers, especially in the North Central area. I have closed 29 homes in 2020 (including four since March) and I currently have 14 homes in escrow ranging for $345,000 to $4,300,000.
The difference in today's world compared to the short sale/foreclosure crisis we had from 2008-2012 is that sellers have equity in their homes now. North Central values were not as impacted then compared to the rest of the Valley because a majority of our residents live here all year round compared to some areas that have part time residents. Here are some key points that Tina Tamboer from the Cromford Report has recently pointed out to us:
• SELLERS ARE RETAINING THEIR HOME VALUES
• WE WILL NOT SEE A RUSH OF FORECLOSURES
• WE HAVE A DIVERSIFIED EMPLOYER BASE HERE
• SELLERS HAVE EQUITY AND FIXED PAYMENTS (NO BALLOON PAYMENTS LIKE IN 2008)
I respect that presently some sellers do not want strangers in their homes so we are actually marketing our newer listings with virtual tours, which gives buyers a better perspective of what the subject home looks like without having to view the home in person. We are even including drones on some of our listings. The bottom line is that we are spending more money on marketing our homes and I truly feel that gives us an edge.
There are some great Realtors in North Central and I truly respect our agents who are part of our long-time North Central Tour. In order to be successful in our area, you need to know all the homes that have sold in the past 5-10 years and you basically need to know what the active homes look like. I have sold more than 3,500 homes in 28 years of real estate and more than 2,500 homes in North Central, so I think that gives me an edge.
Please stay safe and be smart even after we all get clearance to resume a normal lifestyle. Also, PLEASE PLEASE PLEASE support our local businesses.