Real Estate in Virtual Reality, While Home Prices Stay Stong

April 25 2020

By: Elizabeth Diaz

Tampa Bay — According to the National Association of Realtors, “Existing home sales fell in March following a February that saw significant, nationwide gains.  Unfortunately, we knew home sales would wane in March due to the Coronavirus outbreak,” explained Lawrence Yun, NAR’s chief economist.” 

Terry Chandler, a realtor with 20-years experience and a brokers license, represents Impact Realty of Tampa Bay under the ownership of Kevin Byrne.  Chandler credits Byrne with going completely virtual at a rapid pace while encouraging innovative ways to build relationships.

“Bottom line is we don’t have a crystal ball.  I’ve noticed in circumstances like this, people will just hold on.  However, you have to consider when the market is really rolling you’re selling high but buying high also, she said.”

Chandler continued to say, “Now is a good time to buy because the big cash investors have put things on hold.  That means less competition for first-time buyers and standard buyers. I realize job uncertainty and other circumstances leave people not sure what to do but it is certainly still a good time to buy.”

Sellers with vacant homes are in a great position because the home can be shown versus the virtual tour.  From all indications the virtual office and online tours and tools work excellent and present an entirely new way of interacting and conducting real estate.  

Impact Realty Tampa Bay, for example, is operating now with online sales, meetings, training, and tours.  Paula Dysle, also a 20-year veteran, is operating virtually at ReMax Bayside. Clearly, there will be a new normal for realtors in these fluid times.

“Real estate is an eye to eye, belly to belly relationship building experience, so some of that is lost now but not for long,” Chandler explained.

“We will bounce back to some normalcy but there will be buyers on hold and sellers facing foreclosure.  Unfortunately, those living paycheck to paycheck are going to suffer.” 

“Under the current circumstances, mortgage companies are tightening their criteria, however interest rates are still historically low and a lot of homeowners are refinancing their current mortgages and updating homes rather than selling and buying,” Chandler explained. .  

Dysle points out that unemployment is a true concern.  According to Keeping Matters Current, a report Dyle follows, most forecasters see an upturn within two years.  

Dysle shared that the best news for the market and economy is that so far research predicts an economic period of sharp decline, a clear bottom not lasting long, followed by a strong recovery.  To economists, this is the V-Model. For the real estate business and clients, hopes are V will stand for victory. 

The Tampa Free Press, will be hosting a Real Estate Virtual Open House. To be part of this event, please email rick@tampafp.com for more information or to submit a listing.