First, we hope this blog update finds you and your loved ones safe and healthy. This too shall pass.
Each day we are learning new information about how coronavirus is affecting all of us, and adapting how we work to accomplish your goals. Things are changing in real-time, but Tampa Home Group’s commitment to serve our clients now and in the future will remain solidly in place. With our long history in the community and John and Maria’s cumulative 50+ years of real estate experience, we’ve been through multiple market cycles and weathered many storms. Our dedicated staff is ready and able to meet your real estate needs both now and in the future.
It’s tempting to hear the news each day and assume—since the world feels like it’s slowing down—that real estate is closed for the season. But while there can be no question that this is a concerning time for all of us, we’d like to share what we’re seeing now, and what will potentially be happening in our local real estate market in the near future.
TAMPA BAY AREA STATS IN THE LAST 7 DAYS
Hillsborough, Pasco, and Pinellas Counties:
- 1,292 new residential listings
- 1,229 properties went pending
- 1,403 properties closed
- 430 were put on hold
If you want the stats for your area in particular, call me at (813) 294-3859 or send an email!
Why are homes still selling even during this crisis?
Motivated home buyers and sellers are not driven by any one thing. People want and need to buy and sell for a multitude of reasons:
- They’ve outgrown their home and need something larger
- They’ve recently become empty nesters and would like to downsize
- They’ve recently relocated to the area, have a job transfer, or have relocation benefits they must use
- They are recently married or divorced
- They’re renters with a lease expiring
- They're investors that want the tax benefits of owning property
In short, everyone needs a place to live, and there are hundreds of people right now that simply must purchase.
More importantly, inventory levels remain very low and are likely to remain low for the next few weeks. For the moment, the number of new homes coming on the market is not enough to replace the homes selling or coming off. Many savvy buyers are seizing the moment and taking the opportunity to find their next home or investment.
We are, of course, taking necessary precautions to protect the health and safety of all parties involved. We are following all CDC guidelines, practicing social distancing, working remotely, and producing video tours and Zoom listing appointments for all buyer and sellers. We are also following the newly announced “Safer at Home” guidelines that start at 10 p.m. today in Hillsborough County.
We have quickly adapted our business to create ways to accomplish the goals of our buyers and sellers. Likewise, title companies, considered an essential financial service, are operating with the options of remote online closings and “drive-through closings” to close transactions.
Keep in mind for every home that sells, anywhere from10 to 20 local companies are employed. (title companies, home inspectors, appraisers, photographers, handymen, painters, surveyors, mortgage officers, underwriters, general contractors, pressure washers, landscapers, pool companies, and more). We are a locally owned company, and working hard to support businesses and employ people within our local community.
One thing we’ve learned this month is the true value of “home” and our relationships. Each of us will—by necessity—be spending far more time in our homes than ever before, so having one that you love is more important than ever. Please be safe and take this time to reconnect with your loved ones and review your personal goals and priorities.
We are more than happy to speak to you personally about your home, the current market, and your personal goals. Tampa Home Group is 100% staffed and will continue to be open for business as usual.
Well, not business "as usual.” But buyers are buying homes, we are actively listing properties, receiving offers on homes, and closing properties. When the dust settles, we expect a pent up demand, and we’re working to keep our clients ahead of this curve.
STOCK MARKET HISTORY
When we look at the economy in general and the history of the stock market, we are reminded that no matter how bad it is in the moment, it always comes back:
- Black Monday (8/25/87 - 12/4/87): US stocks dropped 33.5% and recovered 21.4% within 12 months
- The Gulf War (7/16/90 - 10/11/90): US stocks dropped 19.9% and recovered 29.1% within 12 months
- Asian Financial Crisis (7/17/98 - 8/31/98): US stocks dropped 19.3% and recovered 37.9% within 12 months
- Tech Bubble (3/27/00 - 10/9/02): US stocks dropped 49% and recovered 33.7% within 12 months
- Global Financial Crisis (10/9/07 - 3/9/09): US stocks dropped 56.8% and recovered 68.6% within 12 months
- US Credit Downgrade (3/10/11 - 10/3/11): US stocks dropped 19% and recovered 32% within 12 months
- US Trade Wars (10/3/18 - 12/24/18): US stocks dropped 19.6% and recovered 37.1% within 12 months
- Motivated buyers are still reaching out and making appointments for private showings where possible or video tours
- The market is continuing to move forward at this time, though we have all drastically changed our standard operating procedures
- We continue to offer many options including video walkthroughs and Matterport 3-D tours to give buyers what they need-
Just in case you need some good news:
Feel free to share this information with anyone who needs some good news as well!
Call us anytime. We are all working and our phones are on. Or you can schedule a call with me here.
Warm Regards and Stay Healthy!
John & Maria Hoffman & the Tampa Home Group team