Independent Newsmedia reached out to Realtor Greg Hague to better understand the current state of affairs as all things coronavirus impact the local housing marketplace.
Mr. Hague, a Realtor and founder of Hague Partners, late last year announced his program — 72SOLD — has become a nationwide endeavor with more than 700 Realtors from coast to coast.
This is what he had to say about navigating a real estate business during the time of the novel coronavirus:
•Despite the ongoing pandemic, real estate sales are still occurring, and, from the month’s most recent report, here in the Valley of the Sun business is good. What do you make of this phenomenon?
If you look more deeply into the majority of people affected by the pandemic (job loss), they were not prospective homebuyers, with a high proportion being renters who were not shopping for a home. Therefore, today’s record-low interest rates motivated most everyone thinking about buying a home into taking action. That’s why we have such a huge demand for homes. On the other side of the equation, home inventory is at record low levels, meaning there are lots of buyers for correctly priced properties, often resulting in multiple offer bidding wars. It’s a great sellers’ market, one of the best in U.S. history.
•What is happening in the Town of Paradise Valley housing market?
The Town of Paradise Valley housing market is good, but not like the bread-and-butter priced market — under $600,000. One reason is there aren’t as many buyers for higher-priced homes. Another reason is luxury buyers tend to be cautious in the face of uncertainty (COVID and the election). A third reason is many luxury buyers pay cash (no financing needed), so today’s low-interest rates aren’t as impactful. We don’t see many multiple-offer bidding wars on Paradise Valley properties.
•How has your business been able to pivot in this unique marketplace as COVID-19 remains a consideration when providing essential services to prospective buyers and sellers?
Hague Partners and 72SOLD made a creative pivot in March when COVID surfaced, developing a process for selling homes with no physical showings. This involves elaborate home showing videos and a process where buyers felt comfortable negotiating to buy a home, knowing that our customers' purchase contract gives them a next-day approval walkthrough. This was an industry first and has propelled our business despite COVID.
•Where do you see opportunities in real estate today and how will new techniques to take advantage of those opportunities change the future of selling real estate?
I believe the future of selling real estate will be dramatically affected by “big players” with massive ad budgets and defined home selling programs that are marketed aggressively to the public. Unlike in the past, the playing field of individual agents competing against individual agents could soon end.
•What are the emerging trends in real estate you think are here to stay?
Power players with massive ad budgets and specific home selling programs displacing Realtors competing on their own. More convenient home selling options, like selling without physical showings and being able to tie up a home before you sell so you have a place to go before you sell.