Real talk about COVID-19 with Compass agents across the U.S.
As the City of Austin announced its first COVID-19 diagnosis on Friday, March 13th, we had already been watching the virus play out for weeks in other cities across the U.S.
Our daily mastermind conferences with other real estate professionals nationwide gave us a good idea of what to expect as things took a more serious turn in Austin, so we decided to bring some of our trusted Compass colleagues together to share those same first-hand experiences with you too.
- the adjustments to their daily life,
- how the coronavirus is impacting real estate sales in their market, and
- their expectations for real estate recovery.
Since they are all ahead of Austin on the coronavirus curve, it was insightful to hear about the changes we may expect in Austin in the weeks to come.
It is sobering to hear Annette describe walking the public streets just to get groceries. In New York City real estate is at a standstill because you can't even get into buildings where properties are for sale. Yet, despite the grim circumstances, hope endures as people like Annette collect supplies for the medical community and cheer them on from their balconies at 7 pm each night.
In California showings are still taking place (at least in some counties) and real estate transactions continue to move forward. Financing for jumbo loans has become more challenging there, however, as banks adjust their requirements in the face of the current economic situation. For Seattle, they too expect the market to slingshot back -- much like the Austin real estate market -- once we have more certainty about the future. Buyers are eager to buy, but there needs to be more homes for sale.
We hope that hearing from others that are further into the coronavirus cycle is reassuring. Please reach out if you have questions about anything discussed during the interview. We are here to help and be a resource.
Stay safe. Stay healthy. And take good care of yourself.
April 1, 2020