Real Estate in Quarantine…What’s Happening?!

As we all now know, the COVID-19 outbreak has impacted many of our local, national and global industries. Here at HARRELL, we’ve had to adapt to many things — from to shorter office hours to different ways of communication to changed ways of closing deals. We are making these circumstances work, but to say things have been “different” would prove to be accurate.

Real estate as a whole is not stopping. “Although the coronavirus outbreak has ground many industries to a halt and forced people across the country to shelter in place, Americans are still buying homes. For the week ended March 27 — even as large swaths of the U.S. essentially shut down for business — the number of mortgage applications for home purchases was still about three-fourths what it was for the same period in 2019.” (Bortz, 2020.) People still need to buy, lease and sell, and at HARRELL, that’s what we’re here for.

Many of us are also questioning the state of the economy, and asking how long this shut-down will last. From my perspective of Waco’s current state, I believe that prices are holding steady, demand is consistent and equity is staying high. That’s a very good thing!

Time will tell, but we are confident that this season is something that we will positively overcome not as one, but as a whole. And as always, our team is here for you and ready to help you with any and all of your real estate needs. From commercial, residential, property management, appraisals and more, give us a call and it will be our pleasure to serve you during this challenging time.