Real Estate Broker Hosts the State of The Market Address Amid COVID-19 Pandemic
One of the area's leading Realtors provides insight into the real estate market in a one-hour webinar featuring a guest panel of industry experts.
By: RE/MAX Classic
"Both the webinar and transcription are available to everyone," said Brett Furman, owner of RE/MAX Classic and The Brett Furman Group. "Having access to this information is important because even during a pandemic, people still need to sell their homes. Regardless of what is going on in the world, retirement, family expansion, job changes, & marital issues are still happening."
Furman, an award-winning real estate broker, who is known as one of Pennsylvania's top agents since 1986, noted in the webinar that pre-pandemic, 30-year fixed rate loans were around 3.25 percent, about 1.25 percent lower than the same time last year.
"All of us on the webinar panel have received numerous calls from clients asking questions about the effects on real estate during this pandemic," Furman said, before adding, "Consumers are trying to navigate real estate during these unprecedented times and understand what is happening with real estate, interest rates, and if it's still possible to conduct settlements as they adjust to a new normal. At Brett Furman Group our goal remains to educate the community as trusted advisors while ensuring the safety and health of all."
For context, Furman pointed out that the total US working population is 156 million. Unemployment rates are currently around 13 percent and projected to increase to 20 percent within six months and possibly to as high as 30 percent after that.
"I was experiencing the best first quarter in my 34 year career," Furman said. "I sold through almost all the listings. We were clearly in a seller market with inventory levels running between one to three months in the lower prices ranges."
Furman explained that the webinar leaves his viewers feeling empowered after learning they are in a blue chip market area. "The Blue Chip market rises slowly when the market is appreciating and declines slowly when the market retreats due to a variety of factors," said Furman. "People have been stuck in their home for months and those that can afford, will want to upgrade. I received a call from a client at 8:30 AM Sunday that previously sold their home, moved into a rental, and now is tired of the rental and wants to purchase."
Furman added that one thing the State of The Real Estate Market has revealed is that divorces are likely to increase as a results of the shelter-in-place. Couples spending more time together paired with economic pressure can create marital stress.
An insight revealed in the webinar is that the market will shift from seller to buyer. Due to new inventory coming online such as: Shadow inventory hitting post pandemic and spring sellers will delay listing until post pandemic time.
There is some good news in terms of post-pandemic Blue Chip Housing stock in the local marketplace, according to Furman: "Remember in 2005 when the market went crazy," Furman points out in the webinar. "Naples, Florida was increasing at 40 plus percent rates. Interrupters have come into the space and have tried to do things like building a real estate model that focuses on how much money they could save the home seller. For 34 years I have been focused on adding value to my home sellers and how much money they could make using my services. The question will remain as to how long they can hang on in the current environment. Throughout my career I have watched so many real estate companies disappear when the market shifted."
One area significantly shifting is virtual real estate. "I started to create a virtual real estate process in 2016, years before my competition was even thinking about it," Furman stressed. "My home seller program already included virtual marketing like three dimensional home tours, virtual reality and other strategies making Brett Furman Group well equipped to thrive in the current environment. Even in times of change, I continue to innovate and guide my clients. The best advice I can provide to everyone is that: experience, relationships and knowledge matter more now than ever. I am sure that many of you are wondering if it's possible to buy or sell real estate right now or refinance your home to take advantage of some of the best rates ever."
For more information about Brett Furman Group, please call 610-687-6060 or visit www.BrettFurman.com. You can visit https://youtu.be/
About RE/MAX Classic
RE/MAX Classic is a family-owned and operated business celebrating its 30th year of success. The firm has an outstanding technology platform, a team of support staff focused on customer service and satisfaction, allowing our agents to focus on productivity. Unlike most other real estate companies, our Broker/Owners list and sell real estate, which ensures they are current with the latest industry trends and changes. The philosophy at RE/MAX Classic revolves around exceeding clients' expectations.