Rent prices across the country rose by 3.7 percent in November, a significant spike from 2.8 percent rise recorded during the same time last year.
Single-Family Rent Index report released by CoreLogic on Tuesday, rent growth has picked up and is accelerating at a rapid speed even as the country grapples to control the pandemic.
Due to low inventory, unemployment has yet to make as much of an impact on rental prices as many analysts predicted at the start of the pandemic.
At its core, real estate is about people and the relationships that are created.
Real estate professionals take on the unique responsibility of guiding clients through a highly personal, and often emotional, multi-step process of selling or buying a home. It is a momentous occasion for everyone who’s gone through it. This can easily be overshadowed by the sheer amount of steps it takes to get to the settlement table and close. The constant support throughout the process is your real estate agent.
In this unique reality of Corona virus aka COVID-19, the importance of keeping the focus on people being served will have a greater, longer, lasting effect.
In our professional tool box, real estate agents have technology. We rely on and utilize it on a normal day to make the transaction part of real estate more efficient and convenient for our clients. This current climate is no different. The way in which we use it may vary but the focus remains on the people, first and foremost your safety.
Current industry standards comply with today’s social distancing necessity.
The Internet – its global reach to market RE for sellers to buyers
Social Media – for marketing and communication ie.GoToMeeting, Zoom, Instant messaging
Your phone – text, email, old school calling
Virtual tours – ie. Matterport, use of a videographer
Electronic signing – ie. DocuSign, Dotloop
Real estate apps – 24/7 home searching ie. Homesnap, Redfin, Zillow,
Online lender applications
Close at home with mobile notary
E-signing closing documents (available for sellers and cash buyers)
Wiring funds and EMD’s ( wiring instructions should be obtained over the phone directly from the title company only)
Online scheduling – options for appointment only at the owners discretion
Title companies, lenders and insurance companies are listed as essential and are open for business. Together with real estate brokerages, each sector is doing everything they can to cooperate and comply with the safety measures while meeting clients needs.
Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The SFRI shows single-family rent prices have climbed between 2010 and 2019. However, overall year-over-year rent price increases have slowed since February 2016, when they peaked at 4.2%, and have stabilized at around 3% since early 2019. – CoreLogic
