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How Virtual Tours Have Kept Philly’s Real Estate Market Afloat During COVID-19

Virtual tours and photography for small businesses.

Even though the coronavirus pandemic has brought many industries to a halt, the market for new homes remains very much active in Pennsylvania thanks to tools like virtual real estate tours. “Shelter is quite frankly one of our most basic needs, essential now more than ever,” says local realtor Jessica Sinton. “Some buyers and sellers decided to sit back and wait. However, many simply could not.” Says Fox and Roach realtor Amira Coleman, “I’m constantly talking to my clients who are interested in buying in the coming months about the process—because buying a home is a process.”

What’s Happening in the Philly Market

For house hunters who began their search before the pandemic began, their existing contracts mostly have continued onto closing, reports realtor Jake Callahan with Ferguson Dechert Real Estate. “New contracts and listings may have slowed,” he says. “Prices, however, have not dropped.”

With home values holding steady, buyers may still find other advantages to continuing their search right now. “The market is not as aggressive, meaning there’s less competition,” says Philly Property Group realtor Mina Sedarous. “For savvy investors, this is a great time to acquire properties from sellers who are looking to offload their properties.”

“I think this is an incredible opportunity for real estate,” agrees Brittany Nettles of She Moves Philly. “Philadelphia only has 3.4 months of inventory, making it a sellers’ market. Interest rates are still relatively low, giving buyers an advantage.”

“Although COVID-19 has impacted all types of businesses, I am optimistic that the past few weeks have only been a hurdle,” adds Marguerite DeGrassa, a realtor at RE/MAX Main Line. “We will move past this together by taking proper precautions and resume into a vibrant summer market.”

How Philly Realtors and Agents Are Adapting

So how does a people-based industry suddenly pivot to online interactions? Agents are getting increasingly creative when it comes to selling homes from home. “This ‘shut down’ of my business has been far from a ‘shut down’,” says Compass realtor Lindsay Neuman. “I’ve been relying on social media to create communities and have taken it off the ‘gram by hosting some virtual meetups on a weekly basis.

Another tool that had already taken off before the pandemic has now become indispensable: virtual tours. “We have been working with various companies to provide 3D showings via Matterport and have implemented video walkthroughs of properties,” says Francis Mangubat of Advance Philly. After upgrading his online operations, he was able to sell seven properties in a little over two weeks despite the present challenges.

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