Discussion: How has your business changed this year?

[Kyle_R]

It goes without saying (but I'll keep typing) that everyone has been impacted by the current global circumstances. 

I'll keep it simple: How has your business changed as a result of the pandemic?

As a personal anecdote, I have a friend who just moved across the country in the middle of all this. I imagine they weren't the only person needing to uproot or had already planned to uproot during this period. How have you adapted to those who are still in the market for real estate, but needing to navigate the new normal? 

I appreciate your thoughts!

[HistoricHomesCapeCod]

I became a real estate agent at the bottom of the market during the "great recession" when it was firmly a buyer's market.  Through the years, the market became more balanced but this year has really changed.  As is the case for many resort areas, Cape Cod has become an attractive alternative for people who are working from home for the foreseeable future.  Properties are flying off the market with multiple bids and above asking price.  This has made it challenging when representing a buyer to say the least.  I've increased efforts to find homes to list by reaching out to previous clients who purchased a few years ago to see if they might want to sell.  Comp reports are almost useless as the properties regularly sell for higher than can be comped.  Buyers need to have more cash to put down in order to secure the loan, knowing that the house won't appraise out at what they are purchasing it at.  A new experience for me to be sure.

[Nick_S]

Hey @HistoricHomesCapeCod, 

Thank you for sharing your experience. That's a really fascinating view into the current market. I've been following some of the activity on the Cape and I'll be curious to see how things develop. Best of luck and we'll see you around the Community!