I’m sure by now, each and every one of us will be affected in some way by the Coronavirus outbreak. As of today, there have been over 185,000 cases and over 7,300 deaths worldwide with these figures continuing to rise each hour.
For all of us, this is a worrying and uncertain time. Businesses are closing their doors, mass gatherings are being cancelled, the NHS is stretched beyond its limit and supplies are running short.
It seems to me that COVID-19 will act as an accelerant to all the existing and emerging trends in society – speeding up advances in technology, increasing home-working and online shopping as well as expediting the shift towards virtual reality (VR).
As estate agents, we are looking at how this will affect not only us as a business now, but also the housing market longer-term. The housing market continued to show signs of improvement in February with house prices rising 2.8 per cent – the fourth consecutive month where house prices rose.
Statistics from a leading London estate agent indicate a 25% drop in viewings but in stark contrast, Rightmove reports a 1.2 per cent rise in listings with five days last month being the busiest ever recorded for Rightmove.
This tells us that whilst people are still looking, they are predominantly looking online. Unsurprising really, when people are locked down in isolation. Stuck at home with little to do but browse the internet on their phones, tablets and computers.
So perhaps we should shift our perspective - this could be a great time to list your property after all. With over 15,000 followers through our social media channels, we believe this is a great opportunity to be seen by a larger and more captive audience than ever before. Our social media posts individually reach more people than the same post on Zoopla and Rightmove combined, but better still, this social media effort is ON TOP of the portal marketing, not INSTEAD OF.
If you’re serious about selling, you need to consider what impact this pandemic will have on the economy longer-term. It’s too early to say if the recent improvement in housing activity will be compromised by the lack of confidence caused by the virus.
List now, or list later? If I were selling, I know which I would choose.
Posted by Victoria Valentine, Wednesday 18th March 2020