NJ Luxury Real Estate Agent Michelle Pais Warns Sellers What To Do Amid Coronavirus

Westfield Real Estate Agent Michelle Pais offers advice to homeowners who are scared to place their home up for sale amid COVID-19

Michelle Pais, CEO of The Michelle Pais Group, the Luxury Division of Signature Realty NJ, warns sellers not to wait until the pandemic eases up to list their home for sale. According to Pais, "We are experiencing a shortage of inventory mostly due to fear from homeowners amid Covid-19. Sellers who are currently residing in their homes are scared of letting buyers into their home, which is completely understandable, nonetheless it has created the perfect storm.

I am seeing homeowners pull their homes off the market daily. However, there are many buyers who are actively looking to purchase homes, but there just isn't enough inventory for sale. Before the Coronavirus we already had a very low absorption rate (not enough homes on market). Now with sellers pulling their homes off the market and not many sellers listing, the shortage is at unprecedented lows. This of course is a problem for buyers and an opportunity for sellers.  

Most of our listings that are currently on the market are actively and safely being shown and we are still experiencing multiple offers resulting in higher than asking prices on several of them. Sellers need to realize that buyers are in a bind. Some have locked in their interest rates weeks ago which typically expire within 60- 90 days. If their rate expires they lose an opportunity to get a very low interest rate fixed for 30 years. If you follow the interest rates and markets there were a few short weeks that interest rates bottomed out and everyone locked in. Now, they are stuck buying or they lose that opportunity. Furthermore, buyers who had a sales contract or sold their home prior to the coronavirus are in need of a new home to move into.” 

Pais explained that once the virus is under control and life returns to normal, the market will be flooded with inventory. She said, “We are seeing historically high unemployment numbers and to top it off, an unbelievable amount of misinformation regarding mortgage deferments which will cause homeowners to default. Many homeowners will not be able to recover from the financial loss which will cause an even greater increase of supply to the market. This is, unfortunately, the perfect storm for a major decrease in home values. Too much inventory all at once could drastically impact home values. Make no mistake, you will see home prices come down significantly. If you are a seller and were thinking of selling soon, do not wait, list your home now. This is not meant to panic anyone, it's simply to explain that if you were planning on selling, now will net you a higher sales price than waiting. Numbers do not lie.” 

Many sellers may be nervous about listing their home now more than ever, but Pais and her team have found a way to ease the nerves. At The Michelle Pais Group, digital marketing strategies are implemented that have proven to be effective in generating offers for their listings. “We specialize in selling homes to out of state buyers and virtual showings are a norm for us. We have systems in place that strategically target the right buyer for any given home. Our cutting edge systems allow buyers to virtually conduct a walk-through of a home without having to leave their couch. We have sold many homes this way, especially to out of state and international buyers. Now is a good time to capture views given how many people are on their phones and computers."

Pais also added that vacant homes, new construction homes, and homes currently being built should be listed on the market now. She said, "Homes that are unoccupied are selling the fastest. They are the most accessible during COVID-19 which makes sense given the reduced risk."

Pais was recently ranked the Number 1 Real Estate Agent in New Jersey for total sold homes on the Garden State Multiple Listing Service. In 2019 she and her team sold 293 homes representing $171,000,0000 of total volume. Pais is also the co-owner of Signature Realty NJ along with her husband Jonathan Steingraber. SRNJ is one of New Jersey's most successful independently owned Real Estate Brokerage firms in NJ. The firm services sellers and buyers across the Garden State, specializing in Union County, Essex County, Morris County, Somerset County, Middlesex County, and Bergen County.

Michelle Pais and her team are available for in home consultations and/or virtual listing appointments. For more information on how they can get your home sold today, visit www.michellepaisgroup.com or contact 908.686.1200 (office) or 908.868.6581 (mobile).

*If you are considering a career change and real estate is something you are passionate about visit www.signaturerealtynj.com/career