As I begin considering a future in real estate, I feel I need to familiarize more with what those in the industry are talking about.
In an email this morning, I was directed to four articles from different sources. In total, they gave me a sense that the real estate industry is (thankfully) moving forward, but in different (and interesting) ways than before the crisis crippled the economy.
I think that two of the four articles–this one, about the most likely/unlikely features going into new home builds, and this one, about the progression of home prices— make it seem like things haven’t deviated much from the way they used be…home prices are falling, expectedly, due to the pandemic, but they haven’t taken the nosedive some were fearing–yet. At least not enough to get home builders and buyers to reconsider the features that they believe should go into new builds. This is important because I have to learn what it is that buyers want before I begin to sell to them.
I do have an opinion on trends, however. I do understand that learning what a potential buyer may want is what usually generates the sale. That said, a lot of the trends I see, particularly with shows on the HGTV channel, are people with wish lists that are either impossible to meet (for the general home buying population), or are features so individual and unique that I am pretty sure the potential owner plans to take the feature with them, should they decide to sell. Wallpaper, being an example…and I’ve seen plenty of examples of that being left behind for a future potential buyer to view.
I guess I will have to learn to leave my personal feelings (mostly) out of the selling process.
The other two articles address the new normal that I will have to absorb as a newly minted real estate salesperson (when I take the exam, that is!).
Moving during this pandemic is, surprisingly, a concern shouldered by many more than one would think. I suppose that if the escrow is already in process (or has been since just before the shutdowns started) and closes, or has closed, during this pandemic, then some clients feel they have the duty to see the rest of the home buying process through and will deal with whatever repercussions in their new home. Maybe they don’t have the luxury of waiting for a healthier time…and so, just as so many have adapted during this crisis, those clients who move must adapt to new, strange, extra moving procedures.
I’m not sure if I would buy a home “sight unseen”! I would be in company with my Gen X peers, though. A lot more millennials would have no problem with a virtual tour of their potential new home. Selling virtually is what I would have to learn as a new salesperson. I hope to perform with scrutiny when giving a virtual tour as I would expect my client to be. A friend of mine recently bought a home in the South. His realtor there gave him a virtual tour of the property. I was able to view that virtual tour. It wasn’t half bad, I thought! Thorough, but for me, not thorough enough. However, even if I were there in person, which I would want to be, I would probably not be able to see everything.
Henry Matthew Benison 