Q & A

How has COVID-19 impacted our market?

Well.. getting right down to it on this question. It’s impacted in several ways and probably more than anybody has realized as it tweaks all different kinds of concepts. As we mentioned in Holmes on Homes, it’s created less inventory. It’s not as if selling your home during a global pandemic is going to increase our inventory, so naturally the listing inventory is a bit lower. Other factors to consider – Covid has created a massive increase in home projects & remodeling with all this attention to staying home. Add that into a shortage in lumber and an already hot new construction market and you get lumber prices that are out of control. Lumber has increased 30-40% in pricing in the last 6 months alone! Covid’s fingerprints are on a lot of concepts that have impacted our market.

How’s the market – seriously can you still sell a home overnight?

Ok Ok.. homes can sell quickly but it doesn’t mean that they do and it doesn’t mean you should lose your marbles if your home hasn’t sold in a week, month or even a year. Yeah.. even a year! First of all .. there are literally 100’s of markets within the Twin Cities market. So not all things are created equal. Condos in St. Paul.. Single Family homes in Plymouth… Townhome in Woodbury… and to blow the consistency right out the water, price ranges very greatly too. You have to look into the supply/demand ratios of YOUR market – geography, style, price. From there you can determine how to price. If you price high or low within that platform, you can then gauge an expected “time on market” to find a buyer.

Are those cash buyers or iBuyers back in business?

Oh yeah.. those guys! Open Door, Zillow and a few others have resumed business now that their “pause due to covid” has been worked out. I don’t see as much advertising from them yet but it’s coming. The local companies are still my go-to and favorites to work with. Their offers are better, for more money and have less hassle. They have less advertising dollars & overhead so naturally can offer you more. Market Pass (through our office) is now finally available and able to make cash offers on pretty much any home – price point specific. We’ll see where they’re at on max purchase price and assume that test is coming for them shortly.

What’s new at the Holmes Group?

Lots of new things actually.. We’re working on a new look across the board with the magazine, website, logos, professional photos and more? Time for some changes! We’re also working on new systems internally that help us function a bit more efficiently. Although that’s stuff you can’t see.. hopefully you’ll see the difference in a more mainstreamed approach on our customer service & detail through the sales process. For those of you not in that sales process – you should notice a better approach to our outreach. We’re focusing our attention to relationships rather than a larger marketing platform.

What are you going to be for Halloween?

HA! Good question and I have no clue. I usually don’t dress up and not sure what we’re going to do this year. We have a Costco-sized bag of candy for trick-or-treaters. Admittedly, I have no idea how much of that will be left by the time Halloween comes around. I see a 2nd bag being purchased in our future. I’m not sure what to expect this year. We’re planning on taking the kids through the neighborhood with our neighborhood friends and assume things will be “normal” whatever that means these days.