Oro Valley Real Estate - Letter to Friends
At Long Realty, people and community mean everything to us. We hope you are staying well and enjoying meaningful moments with your loved ones, even in these difficult times.
For most of you, your home is your biggest asset and you’re probably wondering what impact the COVID-19 crisis is having on real estate. I can tell you what we’re seeing in Arizona today but of course things are changing fast so don’t hesitate to reach out and I’ll update you regularly. We still have a very strong market in terms of closings and new listings are coming on the market every day. New sales are down about 11% from last March but the drop has been higher in the past week. The good news for Sellers is that if a Buyer is looking now, they need to buy.
FYI - You can now search by Virtual Showings available at www.OroValleyRealEstate.com in the search results
Governor Ducey’s office deemed real estate services to be essential. This does not mean that our industry can continue with business as usual, but there is a lot we can still do. Listings, contracts, meetings and closings can be done remotely and electronically and our vast company resources are all available through our network.
What about after the crisis? No crystal ball here but our housing market was very strong until a few weeks ago and there’s no reason to believe it won’t return to that with the additional fuel of pent up demand. Interest rates remain low and the economic stimulus packages certainly won’t hurt home sales. Just imagine the exuberance when people don’t wake up every morning wondering if they have a fever.
Long Realty has been helping people with their real estate needs in Tucson for nearly 100 years. We’ve seen a lot of good markets and a lot of bad ones. The most recent was the great recession which was housing based from the start and lasted for years. This challenge puts the others to shame in many ways but it’s not real estate or finance based. We believe that when the COVID 19 crisis is on the mend, real estate and the economy will quickly follow.
Now more than ever, may your home be your sanctuary.
Stay Well and Safe