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CoronavirusCOVID19Mike DelPreteNews

News Report: International And U.S. Markets See 50-75% Drop In New Listings11439

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Mike Delprete (6 April 2020) International And U.S. Markets See 50-75% Drop In New Listing Volumes

"As the pandemic and associated effect on the real estate market spreads, one of the best leading indicators of a decline in transaction volumes -- new listings -- has dropped an average of 63 percent in the earliest hit markets. Seattle, the Bay Area, and New York City -- along with Italy and the U.K. -- were among the first markets hit, and are the best examples of what comes with strict lockdowns," reports Mike Delprete.

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About the author: Mike DelPrete

Mike is a global real estate tech strategist, and a scholar-in-residence at the University of Colorado Boulder. He's a former tech entrepreneur, CEO, strategy director, and head of corporate development with broad expertise in online real estate tech, and a passion for growing new businesses.
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@DanSmigrod Virtual Tours Won’t Save Your Business

It’s likely that we’ll see plummeting transaction volumes in other international markets as the pandemic spreads. There will be more than a predisposition for social distancing; it will be a temporary halt to a large portion of the real estate market (as evidenced by the data above).

Virtual tours won’t stop the decline; they are no replacement for an actual in-home visit. If transaction volumes drop by 80 percent or more -- driven by market uncertainty, quarantines, travel restrictions, and shelter in place orders -- no amount of virtual tours or clever online outreach will make up for that decline.

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Video: Riding the Surge: Navigating Real Estate's Upheaval | Video courtesy of Mike DelPrete YouTube Channel | 15 June 2020

Hi All,

Mike DelPrete gives an excellent overview of residential real estate during the pandemic and discusses virtual tours.

From the Mike DelPrete YouTube Channel:

Mike DelPrete presents clear insights and the smart strategies needed to navigate the massive changes occurring in real estate since the pandemic. Dive deep into market-specific data, key trends to watch, the resurgence of iBuyers, and the three key traits needed to thrive in this new environment.

Source: Mike DelPrete YouTube Channel

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Best,

Dan
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