An Update from Castle Realty
We are getting this question a lot, and it is an important discussion to have. Clearly, this current situation is affecting everyone in some rather dramatic ways. Fortunately, Real Estate marketing and sales are some of the least affected activities.
THE JOB: Our office is VIRTUAL, our weekly meetings are already ONLINE. Nowadays, Agents search for homes on the computer, write offers on the computer or phone and send them to clients for digital signatures. And these days Buyers like to meet us at the homes we are showing. So there is very limited personal contact. When we do meet a client face-to-face, we will respect the suggested health protocols. We will still do our jobs for our clients.
THE MARKET: We are still in an unprecedented period of appreciation. Home values have been going up steeply and quickly; and that seems to be holding true, despite economic concerns. While the stock market has taken some hits during this crisis, the housing market has not. When people get conservative with their investments they tend to look to homes and land and staple commodities. The Federal Reserve has issued statements about lowering already historically low interest rates, to keep things moving. We see little short-term effect for the Real Estate Market.
THE FUTURE: We know that anything that affects the economy will eventually affect people’s income, and purchasing power. It is a logical conclusion that such circumstances could, over time, bring prices down, or at least cool off the steep rise in appreciation. Actually, this would be a welcome relief to some of our buyers, who are trying to catch a break. With a critical lack of inventory, we are in the strongest Seller’s Market in our area’s history; and no slowing of the market is likely to change this for some time.
PERSPECTIVE: Historically, the various recessions over the decades have not been able to stem the tide of rising home prices. Aside from the global financial crisis of 2008 (when homes in our area lost value for 3 1/2 straight years), home values have consistently continued to rise, in general. Of course, this doesn’t include local industry changes (like a plant closing in a small town). But, on-the-whole, we are not concerned about Real Estate as an investment. As Mark Twain famously said: “Buy land – they’re not making it anymore”.
THE DISRUPTION: With schools closing and people being asked to work from home and avoid crowds and unnecessary contact, it is natural that people will be a little fearful and concerned, or at the very least thrown into some chaos while working things out. We expect this to interrupt some “business as usual”, as people make new arrangements for work and childcare, etc… But we also know that business (and life) goes on.
OUR COMMITMENT: Castle Realty and our Agents are at work today. We are committed to taking care of your business; that is to continue to market, show homes, coordinate transactions, and advise our clients well. THIS WILL NOT CHANGE.
-Dave Champagne, Owner & Designated Broker
A Real Estate Agency You Can Trust
Castle Realty is an independently owned and operated Washington state real estate company. Our brokers and agents bring a real team approach to helping with all aspects of the real estate buying and selling experience. A small and personal team of licensed real estate agents puts decades of combined expertise at your service. Our goal is to exceed your expectations for service, integrity and knowledge, to become a trusted friend and advisor for years to come.
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