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On COVID-19, the Real Estate Landscape, and Our Community

Lisa Marie Boyd & Catherine Fisher

Lisa Marie Boyd, Principal Broker/Owner
Catherine Fisher, Managing Principal Broker/Owner

A Letter From Town & Country Realty Owners

We know and understand that the entire COVID-19 situation is hard and scary on many levels. All of us in our communities, state, and country are experiencing uncertainty like most of us have never experienced before. Parents are suddenly home with their children 24/7 with nowhere to go. Everyone feels uncertainty around personal safety, healthcare resources, income, the economy, and more. These are difficult, scary times.

Regarding real estate, thus far, we have not seen any reduction in pricing. On the contrary, there are still multiple offer situations happening. People still need to move. Sellers of listed homes are committed to selling, and active buyers are committed to buying. There are no “tire-kickers” out there right now. As of March 25th, the governors of California and Washington both placed extensive physical distancing requirements, effectively halting real estate sales in those states. If Oregon has not yet followed suit as of you reading this letter, it may happen. For people who MUST sell or buy, this standstill makes this entire situation feel even more uncertain.

Here is what we know. Our current crisis is, at its core, a healthcare crisis, not an economic or real estate crisis. Will it affect the economy and real estate? Yes. Definitely. It already is. However, when we look at the effect of past healthcare crises, such as SARS in Hong Kong in 2003 and the 1918 Spanish Flu in the US, we see the real estate market picked right back up after the healthcare crisis resolved*. If Governor Brown orders for more robust physical distancing requirements in Oregon, know that sales will happen again as soon as the governor lifts the order. People will still need to buy and sell. Additionally, people will have strong feelings about the people they have quarantined with and the homes they have been isolated in. We will likely see surges of newborns (in 9 months), marriages, divorces, home remodels, and people simply wanting to move.

COVID 19Remember, we will get through this. Together. By staying apart. By doing our part to contain the virus and flatten the curve. By remembering that we are all human and all are trying to get through this. By feeling our feelings of fear, instead of expressing these feelings at our children and loved ones. By focusing on what we are grateful for because there is still so much good in our lives. By supporting our family, friends, neighbors, and community by reaching out through text, phone, email, Facetime, and Zoom. Life will get back to normal. We will be able to have our teeth cleaned, undergo elective surgeries, eat at restaurants, hug our friends, shake colleagues’ hands, and move around freely. We look forward to that day.

We are so grateful for you and what you are doing to help flatten the curve – whether that is checking on your neighbor, making a mask for healthcare workers, or just staying home. If you are a healthcare worker, thank you. There simply aren’t words to express our gratitude to you for everything you are doing. We know this is hard, and we appreciate how strong you are. If you need anything – an understanding ear, a reassuring word, or answers to your questions about buying or selling your home reach out to us at Town & Country Realty. Call us at 541-757-1781 in Corvallis or 541-924-5616 in Albany. Please know we are here for you.

With gratitude, love, and care,
Catherine & Lisa Marie

*www.zillow.com/research/pandemic-literature-review-26643/