The Studebaker Group understands the growing concerns you may have regarding COVID-19 (Coronavirus). We want you to know that we are committed to the safety of our clients and team. We recognize that there may be questions around how this impacts the real estate market and your decisions to list or buy; however, it is important to keep in mind that every case needs to be addressed individually.
The Studebaker Group has rapidly adapted to these changing times. As an essential business in the State of Arizona, we have implemented two marketing strategies we will share with you below our market update. Our agents are working extremely hard to ensure a safe working environment which includes utilization of masks, gloves, shoe coverings, hand sanitizer, and social distancing. Our team of 12 here at The Studebaker Group is continuing business with a strong stride; and, we are proud of our industry business partners who are leading the way with safe and smart practices.
The Market Update
Interest rates continue to be at or below all-time lows. Part of this is due to the exercising of “Forbearance” by many homeowners and the feds buying mortgage-backed securities to protect the mortgage servicer industry from collapsing. This is putting downward pressure on interest rates. There is no clear answer as to what impact mortgage forbearance will have on anyone’s credit. Talk to your loan servicer for more advice.
With all the uncertainty being passed around in the media regarding the economy and housing market, we want to provide a customized “hyper-local” market report to share with you on how Covid-19 has impacted sales and home values in your neighborhood.
Below are a few statistics on the market for March 2020 and April 2020 versus the same periods in 2019.
April 2020 % Change March 2020 % Change
Active Listings 14, 152 -23.1% 11,087 -41%
Listings Under Contract 9,792 -24.0% 12,260 +11.4%
Median Sales Price $305,000 +13.8% $297,000 +12.1%
Closed Sales 8,768 +4.3% 8,253 +18.6%
Supply 2.1 Months 2.0 Months
Days on Market Closed. 61 -24% 53 -22%
One change we have witnessed is in the number of showings on listings. This graph will show just how significant the change is and how showings have increased in the last couple of weeks. If this trend continues we know we have serious buyers and sellers in the market.
Our team is taking a different approach to showing homes we have listed. We have implemented two new marketing strategies to our already robust marketing program. The first is a Virtual Tour Page for consumers to visit all of our properties in a “walk-thru” format. We professionally video our listings then have a link set up for the viewer to spend time in the home viewing the property from the comfort of their own home. Link to Virtual Open House
Our 2nd strategy is utilizing Facebook Live technology to share a virtual walk-thru to buyers looking for a home. So far we have had over 18,000 views on our active listings! We are encouraged with the success and feel this will be a change that takes place in our industry going forward. If you would like to see our live Facebook Live videos, go to The Studebaker Group Facebook Page and view the stream for future or past FB Live events. Make sure to “Like” our page to stay in touch via FB.
We value our long-standing relationships with our clients and are always available should you have any questions or concerns. If you would like to know more about how your home value has been affected by the recent changes in our market, contact us today.
The Studebaker Group | 602-535-2301 | [email protected]