A quarter of Realtors with clients putting contracts on homes last week had at least one do so without physically seeing the property, according to a new survey from the National Association of Realtors. For those clients, the median amount of homes toured - either virtually or in person - before putting a contract on a home was just three. According to NAR's 2019 Profile of Home Buyers and Sellers, typically buyers look at nine homes before placing a contract on a home.
Real estate websites have followed suit marketing virtual tours. Realtor.com has gone a step further and recently launched livestream open houses that allow agents to show homebuyers the property in real time and interact with buyers online.
"Home prices remain stable as deals continue to happen with the growing use of new technology tools. Remarkably, 10 percent of Realtors report the same level or even more business activity now than before the economic lockdown," said NAR Chief Economist Lawrence Yun.
Mary Kay Groth, president of the Silicon Valley Association of Realtors, said amid strict shelter-in-place orders, Silicon Valley Realtors are adapting well to virtual marketing. The local trade association now shares virtual listings from MLSListings with its members and virtual district Realtor meetings have begun. The first district virtual Realtor meeting hosted by the Los Altos-Mountain View District took place last week with over 200 members in attendance. Los Gatos-Saratoga and Menlo Park-Atherton and Palo Alto districts followed this week.
"It's a new way of doing business and our members are adapting well to it. The virtual Realtor meetings are convenient for our members since they can do it from their home and have no commute time. Even though virtual tours aren't new to any of us, they have become more important now as well as a requirement. This method of marketing a home allows buyers the ability to tour a home from their own residence at any day and time," said Groth.
Last week the Department of Public Health in Santa Clara County updated the Shelter-in-Place order to allow professional photography in certain circumstances. If a virtual viewing is not possible, then a single photographer or videographer is permitted to visit the property once to take photographs and/or video. This should be done at a time when the occupant is not present in the residence.
"This clarification has paved the way for more virtual showings. Despite the pandemic, homebuyers are still searching for homes and lenders are still originating purchase loans, so this is a great way of marketing a home. The importance of virtual tours has been re-emphasized during this pandemic and continues to be an integral part of selling homes in any market," said Groth.
Groth reminds Realtors even while engaging in virtual marketing, including the photography/videography of homes, that they should abide by county SIP orders. Social distancing measures and protocols must be strictly followed. "In our area of service, Santa Clara and San Mateo county guidelines supersede federal and state guidance," said Groth.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.