Summary: With Terry Story, a 31-year veteran with Keller Williams located in Boca Raton, FL<br> During this week’s Real Estate Roundup, Steve spoke with <a href="http://www.terrystory.com/">Terry Story</a>, 31-year veteran at Keller Williams, about how the real estate industry is adapting to the coronavirus environment.<br> The Real Estate Industry Keeps on Keeping On<br> In response to Steve asking about the current real estate market, Terry reported some recent real estate numbers from her neck of the woods—Palm Beach County in Florida: “Over the past 12 days, we’ve brought in 425 new pending sales contracts and a little over 700 new listings. So, basically, there are still new listings coming onto the market, and buyers and sellers are still coming together and bringing homes under contract.”<br> How the Coronavirus Has Changed the Business<br> However, Terry freely admits that the real estate market and everything around and interconnected with it has been significantly impacted by the coronavirus pandemic. “Everything is different, due mainly to social distancing and other health safety requirements. We are wearing masks, gloves, and sometimes booties. We cannot be in the home at the same time as the prospective buyer. Zoom and other social media conferencing programs are the new norm,” Terry said. “I’ve gone out and videotaped all my properties so that I can offer buyers virtual walking tours. You kind of just have to develop a new level of comfort with operating almost entirely online and through social media.”<br> She also mentioned how the pandemic has changed bank policies regarding handling mortgage loans, making banks a bit more cautious because of so many people’s employment status being in jeopardy. As Terry explained, “The day before closing, the banks are re-verifying that the borrower is still gainfully employed, that their income is still the same, and that they don’t foresee any changes in their employment status.”<br> But the state of the business overall is that Terry and other real estate agents nationwide are proving that when compassionate, creative, and goal-oriented approaches are used, even a worldwide pandemic can’t stop the industry.<br> There are, of course, some hang-ups. Steve asked about sellers possibly being reluctant to have people traipsing through their homes. Terry said that the level of reluctance varies, mostly according to how motivated the seller is. She explained, “Obviously, the more motivated a seller is, the more willing they are to allow people into their home. It’s a two-way street of consideration: the seller allows us into their home and, in return, we’re taking extra precautions to make sure the home remains clean and safe for everyone.”<br> Price Point Matters<br> The pandemic, of course, is hitting every industry across the world, as evident by the millions of individuals filing for unemployment in the United States. Both buyers and sellers are likely to grow concerned about picking up or getting rid of a home during this time.<br> Still, Terry emphasized that when things are done right—like sellers properly pricing their homes—good deals are getting done. She related the story of one property she handled recently that was put on the market on Good Friday and that had more than 30 showings over the Easter weekend. In the end, the seller got five offers and ended up selling the home for $28,000 more than their asking price. The moral of the story, according to Terry, is that “If the properties are priced right, especially if they’re vacant properties, then they’re moving.” If the house is vacant, then that helps as far as removing concerns sellers might have about a bunch of buyers invading their home and possibly exposing them to the virus.<br> If you’d like to learn more about buying or selling a home, you can find plenty of help at <a href="https://www.kw.com/kw/">Keller Williams</a>’ website.<br> Disclosure: The opinions expressed are those of t...
