Jared Jones has been a Florida resident for 26 years. Since then, Jared has been a part of the top 50 in Realtor volume for the Orlando market several times out of more than 14,000 agents, including becoming the top Realtor in the country by volume in 2010 and 2011. He has been featured in Time Magazine Online, and The Wall Street Journal Real Trends Report of Top Agents. He was was listed in the Wall Street Journal and Real Trends Top Agent List, making the #4 spot in the nation by volume. He was featured in “40 under 40” Business Professionals in 2012. He frequently does outreach and training to help shape the minds and business of the local real estate professionals around him. When not running his real estate machine, Jared enjoys spending time with his wife Carrie and four boys, Talon, Connor, Bryce, and Simon doing church activities or catching the very infrequent round of golf! Jared credits his business to blessings given to him from God. He is active in his church and accredits all of his success to adherence to Biblical principles which he chronicles in his book Ancient Wisdom for Modern Day Success.
We’re making plans to get your home sold. You’re looking to buy a home currently on the market. Now this is what you want to know about the future as Covid-19 affects the real estate market. Let’s get started. Hey Jared Jones, broker, owner of Jones Group Real Estate. Want to let you know exactly where the real estate market is headed as we reopen the economy. Here’s a few things that you need to know. Number one, there will be more demand to buy homes, more activity, but there will be more supply as well. So here’s the reality. There are people holding out. A lot of home sellers have held out, they didn’t want their home shown during the crisis, but there’s also home buyers that have actually waited on getting out there as well. So you’ve actually got a lot of the market on both sides that has actually kind of left the battle, if you will. One thing that I’ve been watching in the Central Florida market is everything that’s going on the market is almost imparity selling at the same time. So you’ve had a whole bunch of people leave the market and every week or so depending on where you’re looking, you see so many homes going under contract with accepted offers. So many homes hitting the market almost kind of in a uniform fashion. Well if you’ve been waiting then you’re going to hit the market with a whole lot of your friends. Okay? but there’s also going to be more buyers as well. Number two, there will be less demand than there was in 2019 to purchase homes, which means longer day on market times potentially and sellers reducing their prices to escape the market. Why? Because we’ve been pricing ahead of 2019 and a lot of the areas where we’re at, and we’re not going to see the same marketplace that we saw in the summer of 2019. The reason why there are many Disney’s not going to be open anytime soon as far as we know, tourism fuels a ton of our buying. For that kind of market we have PTSD. Buyers are just still in trauma. That’s going to cause conservatism in their financial matters. Savings have been plundered. So a lot of times this season is fueled by tax refund spending and down payments for buying houses. That isn’t going to happen because people are out obviously using their financial resources to make sure their side businesses are still functioning and that their basic needs are met. Layoffs are still affecting buying power. Okay. So layoffs are going to affect a lot of different factors in how we go forward, whether all of those people come back to work. And so that’s changing. And then overall and the overarching market lender guidelines are changing. So lenders are making it tougher. We’re hearing it every day. The buyers loans are being denied where they were previously approved for financing because their credit score doesn’t meet the new criteria that just changed this past week. In any event, it’s going to change the direction of the market. So I believe we’re going to have less demand than the 2019 market. Anytime you have less demand, supply ends up stacking up a little faster, sellers are jockeying to get out. Next, we’d use price changes the marketplace from that perspective. So it’s going to shift in price. What about the marketplace is where the properties are hot? Hot before is still hot now. Okay, so in the marketplace where properties were moving really fast, where there’s high demand, particularly the entry market, first time home buyers we’re, you know, properties are really desirable. Those were hot before. That has not changed in my view of the marketplace. Even while we’re under Covid-19 homes that are desirable are still moving. Now, if you live in an area and you think it’s hot, you need to check supply and demand for your home. You might think, Oh, I live in X area and we have magical fairies under the ground that mine for gold. It makes our properties more valuable. Like you might just have a concept, I’m not trying insult. You might have a concept that your area is valuable and maybe true, but if you’re, for instance, in a home that’s 15 years old versus a lot of new construction traffic in the area, you might have actually seen in a very popular area a swing of interest and demand away from your home to the other homes you need to look because if you’re not pricing competitively in those scenarios, you might you might not be in the hot, you might be in the not, and if you’re in the not, you need to make sure that you’re actually pricing accordingly to get out of the marketplace. Now, if you’ve already been on the market, listen to me on this, if you are on the market before Covid-19 and are still active, that means two, one of two things. Number one, the property’s price point of your home was not compelling with the marketing of what the buyer see that’s being offered. If it’s not compelling, it’s not selling. The other thing is, it might be that it’s a slower market. It might be that the price was right by all points of data, but the market just takes longer in that price range because it’s luxury or whatever. Here’s where you need to know, like will that change in 90 days because that’s the other person’s thinking, well I don’t need to sell 90 days and that price reduction of 5% or 10% if it doesn’t sound very exciting to me, I understand that time may not heal this particular situation. To think about it like if we look back at 2019 the numbers of what folks were getting for a similar home may not be what we’re going to see in demand for that same property price wise. That was interesting in 2019 in 2020 so it might be a 2018 price or 2017 price. What you’re thinking that your home may sell for in the near future is probably higher than the market’s interest for, especially if you’re on the market pre-Covid. Okay. I wish you all the best. I wish you safety and I wish you great luck as you plan and navigate the future in the real estate market. Moving forward. In 2020 Jared negotiated the sale price of our home, $8,000 over the appraised value and it’s sold in two days. Make one call. That’s all. Get your home sold. Guaranteed. Jared Jones is the way to go call 706-5000.