Tina's Message on COVID-19

Friends and family:

Many of you have asked me how real estate is being affected by COVID-19. The short answer is that it is complicated and changing daily. To err on the side of safety, I've recommended all my sellers postpone listing their properties unless a life event commands the need to do so. Open houses across the area and in other metropolitan areas have been closed. Buyers who are willing and able to purchase may still do so with very strict limitations on showings, offers, inspections, appraisals, and escrow signings.

Realtors are independent contractors. We are collectively governed by local and national laws, rules, and ethics codes. From there, Realtors and brokerage companies may have different methods for transacting real estate. For example, Urban Nest Realty listings shall now be offering 3D virtual tours and adhering to firm safety guidelines. Not all Realtors shall be offering the same, nor doing the same.

To that end, I am proud to say though, that the majority of my Realtor colleagues across the Portland Metro region want to be socially responsible. Many are voluntarily not working and remaining at home. Those who are working are employing the highest levels of sanitizing, social distancing, and safety while still championing a buyer or seller's need to transact real estate. The related industries, from inspection services to escrow offices, are also working fast to offer digital and virtual experiences.

How COVID-19 affects pricing has had varying opinions, as pricing depends on 'supply and demand.' On one hand, shortage of housing and low inventory remains a long-range expectation. Interest rates are low and may become even lower. On the other hand, not all buyers will still be able to resume financially. And, will the same amount of stalled sellers still proceed with listing, creating more supply than demand in the short-term?

While the answers to these questions are so far out of our collective control, I promise to stay vigilant of the economic and mortgage data, statistics, and trends on human nature as it happens.

I was a Realtor during Y2K, 9/11, the Great Recession...and now this. I am heartened by how the best of humanity pulls together.

Cyber hugs to you all.

- Tina Schafer