DM & Co Homes - Covid Market Update

DM & Co Homes - Covid Market Update

May, 2020

DM & Co Homes - Covid Market Update

I sincerely hope that you and your loved ones are safe and coping with the unprecedented challenges that we are all facing right now.

The global economy and property market is facing a period of significant uncertainty amid the rapid change in our environment. Changes that we have not seen the like of before. 

At DM & Co. we are incredibly fortunate to have over 100 years of combined property experience and Directors that have fought through the changes that such events bring.

As a local Estate Agent and more significantly your chosen Estate Agent it is our responsibility to provide as much relevant information, data and advice possible as to what exactly is going on in the market right now.

I have itemised below our views on what we should expect post lockdown and I know that my team have been doing their very best to keep you updated on our action plans surrounding this imposed position of stagnation.

During lockdown;

Sales that have been agreed have been to applicants that had viewed property prior to the closure of Estate Agents Offices.

- We have conducted no viewings.
- We have carried out no valuations .
- We made the decision to take no properties to market.
- We also made the decision to not reduce any of our current stock.
- We have focused solely on our existing clients and those that have had sales agreed prior to lockdown.
- We have retained all of our staff, furloughing some and positioning others within the day to day operation working remotely from home.

Going forward post lockdown;

- There will be a ‘bounce back’ of activity once buyers are allowed to leave their homes to view properties.
- Increased activity will see sales agreed and completions taking place which will produce this ‘bounce back’.
- There has been a significant spike in recent enquiry levels of new buyers that we have registered wanting to be ready to purchase property once able to do so.
- Now is the time to be preparing your property for that next wave of interest.
- There will be an abundance of buyers that will be excited to get back out there viewing.

We are staggered and to be honest quite disappointed to have witnessed so many properties appearing online via both, Rightmove and Zoopla during the past few weeks. 

It was our decision to advise clients NOT to go to market whilst buyers were not allowed to leave their own homes to attend viewings.

We also advised clients to delay any price reduction on their properties until lockdown ceased. 

As a result we have some 30 new instructions awaiting release and many existing vendors ready to reduce their property once the time is right in order to maximise any bounce back. 

Unfortunately properties listed with other agents during closure will appear stale and perhaps unwanted very quickly once properties start to hit the market.

I think it is important for those of you who are moving up the ladder to a property with a higher price, that you see this as an opportunity rather than a setback. Any loss that the property market feels is always percentage measured and therefore some of you may come out of this with a stronger deal than perhaps prior to events.

It is our intention to speak to all of our clients during the next few days and discuss the matter in greater detail.

Stay safe,

Dominic Murphy - Managing Director.