SPONSORED POST: The following is a letter from Elaine Bannigan of Pinnacle Residential Properties.
Dear Friends and Neighbors:
Right before COVID-19 struck, demand for Wellesley real estate was intense and the supply shortage was acute – we had just a two-month supply on the market. By the time real estate firms shut their doors to the virus, many sellers had withdrawn their homes from the market. Subsequently, agents have turned to virtual tours to be able to continue to “show” properties that remained on the market, but very few people are really willing to buy a costly primary residence based on a virtual tour.
You may have heard that many states, Massachusetts included, have deemed real estate sales an essential business. The reasons for this decision have to do with the long-term economic impact of the housing market. The real estate industry supports 17% of the national economy and every two home sales generate one job. It is both a tangible asset and a fundamental need. A strong housing market can lead to a quicker recovery in the aftermath.
While physical showings are permitted to continue under order issued by Governor Baker, all parties must follow strict social distancing guidelines. Contact should be minimized, parties should stay six feet away from each other, hands should be washed frequently, and surfaces should be wiped down and sanitized. Some agents are just opening doors and waiting in their cars for those willing buyers and sellers who still want to proceed. Many of us are waiting until it is safe. Demand is not going away – it’s only becoming pent-up.