Atlanta Real Estate x Coronavirus FAQs

INFORMATION FOR BUYERS:

1. How has the Coronavirus impacted the real estate market in Atlanta?

We’ve seen low inventory in Atlanta since the beginning of 2020. Right now we’re seeing new listings continue to hit the market - we had more new listings last week than we did in the first week of March (see stats below). This is promising for inventory!
I do see some Sellers who were originally going to list this Spring hold off - mainly because it will be more difficult keeping their home ‘showing ready’ while they adjust to a new routine with their kids out of school and working from home. I expect there will be a pop of new listings once we get settled and comfortable with this new normal.
As buyers, we will have to be more flexible and cooperative when scheduling showings. But, it’s still a great time to buy. The important message is that we only want you to do what makes you most comfortable!
MARKET STATS:
- 10,662 total active properties from 3/1/2020-3/17/2020 compared to 10,619 active properties from 2/1/2020-2/17/2020 (a 0.4% increase in inventory)
- Since the beginning of March, 1936 properties went under contract.
- 1,840 new listings from 3/1/2020 - 3/8/2020
- 2,119 new listings from 3/9/2020 - 3/15/2020
- 794 new listings from 3/16/2020 to 3/18/2020 (as of 12:46pm EST)
- Data pulled from all property types (Detached & Attached) FMLS and TrendGraphix for Fulton, Cobb, Dekalb, Gwinnett Counties

2. Can we still go on showings and maintain our COVID-19 social distancing?

Yes, showings are still taking place and new listings are hitting the market every day. To maintain a safe showing environment, I have a coronavirus kit that I bring with me to every showing with hand sanitizer, gloves, and masks. These items are available to all clients.
In addition, I am able to offer clients virtual showings - this is particularly helpful for clients who are at higher risk. I can video call my client from the property and give them a virtual tour.

3. Will we be able to put a property under contract and close during this time?

Yes. Harry Norman, REALTORS® has equipped me and all of our agents with special stipulations to include in the contract to allow for more, needed flexibility during this changing environment. We are encouraging our buyers to continue with their home purchase at this time but prepare for longer timeframes for due diligence periods, closings, etc.

4. Will we have to go to closings in person?

Yes, as the buyer or seller you will have to go to closings in person. The closing attorneys that I work with are having their offices routinely sanitized and offering masks, gloves, hand sanitizer, etc. to keep all parties safe and healthy.

5. Is this still a good time to buy?

Yes. The interest rates are low and the inventory is consistent with what we’ve seen since the beginning of this year. This is still a good time as long as you feel comfortable!

6. What if I want to put my home search on hold at this time?

That is absolutely fine! The only thing I ask is that you communicate with me about your desires/timeline changes so that I can update my files. I am here for you - whether that means proceeding with your home purchase or putting it on pause.

INFORMATION FOR SELLERS

1. Is the Coronavirus impacting inventory in Atlanta?

We’ve seen low inventory in Atlanta since the beginning of this year. In addition, we have high buyer demand and more people relocating to Atlanta every day. It is still a great time to sell your property!
Communication right now is more important than ever! Work with your agent to come up with a listing plan and timeline that works best for you and your family!

2. Are showings still taking place?

Yes, we are still doing showings and previews for buyers at this time. I am actually seeing more engagement with my buyers since the social distancing/ work from home measures were put into place - it seems that my clients have more time to look for a property now that they’re not hanging out with friends!
Agents are equipped with hand sanitizers, masks, and gloves to use as requested. We’re following the directions of our health care professionals and leadership at this time so we’ve decided to opt for virtual open houses/ agent caravans.
For Sellers, we understand that accommodating showings is a greater challenge right now. We just ask that you work with your agent and the buyers’ agent in a spirit of cooperation to find what works best for all parties.

3. Will my house sell as quickly as it would before the COVID-19 social distancing measures were put in place?

It’s honestly too early to tell. Right now, properties that are priced right are still going under contract. It’s more important than ever to trust and partner with your agent to ensure a successful sale.
This new reality could be around through this Summer, so if you’re planning to sell this year there’s no reason to delay.

4. Can I request that buyers coming to my home wear masks and gloves?

Yes. We want our Sellers to feel comfortable! I have masks and gloves available to everyone that I work with, including Sellers! We can ask that everyone who enters the home wear protective gear to keep all parties healthy.

5. What about Open Houses and Agent Caravan?

We’re lucky to live in an age of technology so that we can adapt to the new social distancing recommendations! We will not be doing a traditional Open House or Agent Caravan with listings and instead will utilize virtual tours/ video conferencing instead. This will keep everyone safe and healthy!
I will be leveraging technology and social media to connect with buyers/other agents who are at home. We’re taking every measure to adapt during this changing market!
It’s important that we all stay flexible and practice patience during this changing environment. This is still a great time to buy or sell in Atlanta, as long as you’re comfortable! We’re adapting to the new social distancing standards to ensure the health of all parties in a real estate transaction. If you have any additional questions or concerns, I’m here to chat!