Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
During a news conference today, Arizona Gov. Doug Ducey listed "essential services" that would be prohibited from closing...in other words, allowed to continue to operate.
Real estate was included in "Professional services, including legal, real estate and accounting services." This may not be the case in other states, but for people wondering if Arizona (and its markets of Phoenix, Scottsdale, Mesa, Glendale, Chandler, Gilbert, Peoria, Goodyear, Tucson, etc.) will continue to list and sell properties, the answer is yes.
Title and appraisal services are also incorporated.
Interestingly, in certain price points, we are still experiencing multiple offers in Metro Phoenix. And when buyers drop out due to concerns over uncertainty, anecdotal experiences are showing that, due to our historically low inventory, other buyers are stepping in. Stay tuned for a market update.
I agree that some buyers will drop out or hold off due to the uncertainty and ridiculous mass hysteria surrounding the Coronavirus. But as you said, I've told some of my Phoenix area clients that just because the economy may take a hit in certain sectors, it doesn't mean that housing demand goes away.
I predict that after the overblown hysteria of it dies down and people realize they now have enough toilet paper to last them an entire year, everything will go back to normal.
Did an open house this past weekend in the mid $400's price range and had like 5-6 people through, so no signs of slowing down to me.
Real Estate Agent · Scottsdale, AZ · Member since 2018 · 412 posts · 366 votes
6y
@Wes Blackwell Congrats on the open house traffic. So interesting to hear how creative our industry is getting with virtual open houses, appointment open houses, you name it. We will all have learned a lot of new skills by the end of this.
Speaking of the importance of TP, a client shared a listing photo showing a pyramid of TP stacked artistically on the coffee table with the quote "TP comes with the house!" Now that's creativity.
I do think there will be increased investor demand if we add more listings and start to crawl our way back to a balanced market. But for now, and we don't know for how long, it remains a seller's market in several price points here.