Friday, April 10, 2020

Under Contract: 2801 Kristopher in St. Charles and COVID

It has been an interesting past few weeks in St. Louis real estate due to a frenzied Spring market colliding with COVID-19 (which I will address below).  Particularly my time spent with the W Family, as we carefully picked through the new and reduced MLS listings to find their next home, having already closed their existing one. 

Good things come to those who wait, as they contracted this gem...

Gloves, masks, Clorox Wipes, over 6 feet apart, and all. It closes escrow in May.

COVID-19: I want to address this subject honestly, as I have been asked its effect on the 2020 Spring Market numerous times over the last week. I cannot predict the future, however, our market is still flowing.  Processes have changed quite a bit to almost 100% virtual, but the market is moving and to be honest?  Prices have not yet shifted all that much yet.  

As a personal choice, for the sake of public health: The Nenonen Family is taking social distancing recommendations seriously.  Meaning- we are avoiding contact with people outside of our household.  No one leaves our home, with the exception of necessary work commitments where we wear masks, gloves, and remain distanced.  We get groceries and provisions delivered.  We are both working from home alongside both boys whose schools have been closed for the semester.  I have an 80-year-old mother currently quarantined in an Assisted Living Facility, so I truly understand the importance of public responsibility.

I, like the bulk of my industry, also recognize the importance of the real estate market continuing to move to maintain the financial health and wealth of the nation.  It is imperative.  As a result, I (along with most of my peers) have implemented new stringent professional precautions: amped-up hygiene, home office only, no open house, emphasis on digital communication and marketing, only spending time with very serious clients, avoiding the inspection and closing table to reduce exposure, and respecting personal space boundaries to remain healthy.  

As of today, the local real estate market is relatively unchanged, thus far, by the Coronavirus.  It is really more in pause mode. While there have been some shifts made to inspection and appraisal procedure, as a whole,  properties are still selling quickly, lenders and title companies are functioning, rates remain historically low, and it is business as usual despite new precautionary measures.  All of this is VERY POSITIVE NEWS FOR THE ECONOMY AS A WHOLE!  As someone who worked through the catastrophic post 9/11 market AND the post-Great Recession market, I am optimistic and hopeful that my industry will continue to function and thrive through this latest crisis. 

When it is all said and done, real estate plays an integral role in the US economy, friends. Residential real estate provides housing for families and is the greatest source of wealth and savings for most Americans. Commercial real estate, which includes apartment buildings, creates jobs and spaces for retail, offices, and manufacturing. Real estate business and investment provide a source of revenue for millions. We keep it moving and value remains high! A precious reminder, my friends...

If you are contemplating a move in 2020, I urge you to connect with me!  I am happy to update you on the latest and strategize with you on the correct timing, much of which depends on numerous factors that shift daily.