According to Ebby Halliday realtor Rosie Humphrey-Donohue, who specializes in the Richardson market, home sales in the area have plummeted.
“It is way, way down,” she said. “I think that people are worried about their jobs and the economy.”
According to Donohue, homes that are selling are in highly sought-after neighborhoods and are move-in ready. However, those properties are going for between $10,000-$15,000 less than they would be under normal circumstances, she said.
“They are really having to be priced at or below market [value] to move during this time,” Humphrey-Donohue said.
Still, buying or selling a home while practicing social distancing is possible, Humphrey-Donohue said.
“If [a person] is in a situation, and they really need to sell their house, there are still buyers out there looking, and it can absolutely be done within the guidelines,” Humphrey-Donohue said.
Showing homes under shelter-in-place orders can be complicated. Sellers are wary of letting potential buyers into their homes and would prefer virtual showings, but many buyers are hesitant to purchase a home they have not seen in person. This makes virtual showings a less viable option for realtors, Humphrey-Donohue said.
If possible, sellers should wait to put their property on the market until conditions stabilize, Humphrey-Donohue said. This will increase the likelihood of getting a better offer on their home, she said.
“If they have the option to wait, my advice is to wait,” she said.
At this point it’s too early to know how the real estate market will look once the pandemic has passed.
“It's all based on how the economy recovers,” Humphrey-Donohue said.