Residential Real Estate Market during Corona Virus

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Residential Real Estate Market during Corona Virus

Michael Spindler
Stamford, CT · Member since 2018 · 78 posts · 13 votes

As a brand new agent what is the impact on the Residential real estate market due to the coronavirus?

 I just got my license is it better to wait until this gets sorted out before I join a brokerage? 

        Also, if waiting is the best option, what can be done to prepare myself for when the time is right?

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        • Adam TafelBusiness Member
          Real Estate Agent · St. Paul, MN · Member since 2017 · 575 posts · 395 votes
          6y

          @Michael Spindler - congrats on getting licensed! I wouldn't waste anytime joining a brokerage, do plenty of research and interview with multiple offices. Your first few months as an agent will be spent learning as much as you can, contacting everyone you know, helping other agents with showings, and countless other mundane activities. None of these activities involve making any money (unfortunately), so who cares what the market is doing. 

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        • Charlie CameronBusiness Member
          Investor · Niceville, FL · Member since 2017 · 450 posts · 366 votes
          6y

          @Michael Spindler - I suspect, and this is just my own opinion, that you are going to see a decline in sales across the board as homeowners decide to put moving plans on hold.  Since this is still going to get worse before it gets better, the sooner we curb COVID as a nation, the sooner we can get back to normal activities, like moving and selling homes.  I don't think prices will be impacted that much long term, but they may need to come down in the short term to move inventory.  Yet the fed cutting interest rate to zero may keep things moving, but we'll have to see.  It may just encourage refis, since fewer people will be physically moving.

          That being said, like Adam said there is a LOT to learn.  Getting licensed is simply the tip of the iceberg and frankly contains none of the street smarts. Joining sooner than later is a good idea.

          If you are worried about social distancing (it only became topical now!), you can always consider a cloud based brokerage.  I gravitated to eXp because I needed to get training and support outside of normal work hours.  A totally virtual environment and cloud company enables that.  Of course it doesn't eliminate all the in person dealings of real estate, but you CAN do most of your training and work from home instead of having to go to an office.  

          Definitely compare a few brokers and see what makes sense for you!

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