• Showings - the March Showing Index reported a 17.9% dip in nationwide showing traffic year-over-year. There is context here worth noting. Vacant townhomes and detached homes for sale are being shown in the relatively stronger numbers, especially the best conditioned and well-priced property. Occupied homes are experiencing fewer showings due to certain restrictions and safety protocol by owners/agents that of course were not being practiced pre-COVID. Condos are experiencing the highest drawdown in showings due to the common lobbies, hallways and elevators that have to be utilized for unit access which doesn't dovetail well with social distancing guidelines. Open Houses have been suspended by nearly all agents virtually moving many of the "research" buyers without agents to the sidelines.
  
  
• Transactional Buyers - the serious, transactional buyers are carrying the weight of current activity. Some have moved to the sidelines, but many are still out in force and they're absolutely benefitting from less competition and multiple offer activity which was commonplace pre-COVID. Homes that were experiencing several offers pre-COVID may now see one or two offers. While homes are still moving at a fast pace, there is presently a more tempered, balanced market of sellers and buyers that we haven't seen in recent years. Much of the current buyer sentiment believes this is a short-term event induced opportunity, rather than the beginning of a medium to long-term shift in the market. A certain segment of buyers who have been in the market for several months to a few years actually feel some pressure to act since they believe there is pent up demand presently building.
  
  
• COVID-19 Addendum - there is a new addendum created by area Realtor associations offered for buyer use in addition to the traditional Home Inspection and Financing/Appraisal Addenda. The purpose is to further protect a buyer's contingency risk in a contract.
  
  
• Contract Fall-Outs - given some of the instability in consumer behavior, there has been an increased instance of contract fall-outs during the COVID-19 period. We are seeing buyers in higher frequency change their minds and decide to void the contract inside the permitted contingency period. More homes are coming back onto the market for a second buyer opportunity.

"My overarching objective is first and foremost to be an advisor and value provider. I work to become the conduit of information to help consumers make the most informed decisions possible. I just happen to also have a real estate license." - Tim Trainum