Video Transcript:
Hello, I'm Phil Wood, CEO of John R. Wood Properties.
I've been in the real estate business full time for 43 years, with various market challenges during that time.
We are fortunate that real estate is considered an essential service and can continue operating under the Governor's order.
The SW Florida real estate market during the virus situation has been surprising.
Yes, some sellers are afraid and have pulled their properties off the market. And some buyers also have concerns, to the point where a few have actually walked away from their deposit.
But the majority of our sellers are hanging in there, still interested in selling their home.
And most buyers are likewise still interested in buying at some point in the near future, maybe even this month.
So how are we modifying operations to comply with market restrictions and still serve the needs of our customers?
It is certainly a new market paradigm, an on-line model that few thought could work so well.
In-person open houses, at least for a while, are non-existent. At the urging of the Florida Surgeon General, our company was one of the first to shut these down for the protection of all parties involved.
But virtual open houses are still occurring. All of our listings have extensive photography, and some have videos. So buyers can go on-line and get an amazing amount of information about potential homes they might like.
There are also some virtual open house walk throughs. Our web site now has a feature where an agent can pick a time slot, say 15 minutes. During that time, they walk through the listing filming with their phone camera, and telling about the features of the home. The recording of these open house walk-throughs can be posted for anyone that might have missed the original time. So they are effective.
Buyers are also turning in contracts on properties that they have only seen on-line. We always recommend a contingency where you see the home in person within a reasonable time, to verify that it's the right one.
And finally, traditional business is going on. With proper protocols in place, buyers can tour homes in person. They have to pass a short virus questionnaire, and typically, upon entering the home, will be given gloves and a mask. And a no touch policy is in place.
Interest rates are, for now, still around 3.5%. So it's a good time to buy, the new techniques are working, and sales are occurring.
Almost all of the title companies and attorneys are now set up to fully do closings on a remote basis.
Most of the time, it is even easier than going to an office.
So business is on-going at John R. Wood Properties. We are rolling out new and exciting ways to sell real estate that may change the market for many years to come.
If you have questions, please contact your Wood agent.
Stay safe and don't worry; we will get through this.
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