"With entire states ordered to stay at home amid the coronavirus pandemic
—and things like open houses
and in-person showings considered major health risks—the business of buying and selling houses is not what it was just a short time ago.
The federal government considers real estate an essential business, but several states, whose mandates take precedence, have categorized it as nonessential. In either scenario, real estate agents have had to find new ways to do their jobs.
We reached out to agents around the country to find out how they're doing their jobs differently in these unsettled times.
Some sellers are waiting it out
A house that's been on the market too long has "gone stale
" in real estate terms, which tends to have a negative impact on its appeal—and the seller's negotiating power.
In a time when buyers are reluctant to shop for homes, more and more homes are at risk for this, but real estate agent Tomer Fridman of Compass in Los Angeles has found a way to combat that.
"We are holding off on launching new listings on the MLS and networking them off-market through our personal sphere and social media channels," he explains. "No one wants the days on market to date a property unnecessarily, and agents looking for their buyers are aware to look at properties coming soon and on hold."
In other areas, though, the problem is a lack of inventory."