Coldwell Banker King's president Terri King offered her thoughts on the area's real estate market in the May issue of Capital at Play, the top local business lifestyle magazine. Terri's comments focused on the impact thus far of COVID-19 on the local market and the unpredictability of what lies ahead. The short answer: We don't know yet.
"A real estate transaction is typically a 30-60 day process, so we expect to see the ramifications of COVID-19 in our May-June-July reports," King said. "Contracts aren't written when buyers can't view homes or even travel to the area, or buyers are no longer eligible for a loan due to a sudden loss of income/employment. And when contracts aren't written, homes aren't sold."
King also touched on how technology is being utilized to connect buyers, seller and agents. "The difference now is, rather than being a supplement to our face-to-face philosophy, online connection has become our primary means of serving our client-base."
What the future holds remains unclear as the area market transitions from robust sales and tight inventories to one that is under the unexpected influence of numerous factors. In looking ahead, King offered, "We are rewriting 2020 now, and it's a new game.
The entire article, "Going the Distance," is available on page 45 of the May issue of Capital at Play.