A Note from the Gillespie Team – We are in this Together
The safety of you, our team, family, friends and our community is paramount during these uncertain times. Our goal is to develop and implement initiatives to keep our team and the community safe, while also being a trusted source of stability and information as we’ve done for over 40 years. We would like to offer some insight and perspective on the three questions we are getting asked most often.
How long will this last?
How will this affect our market?
What is our message to buyers and sellers?
(Our daughter practicing social distancing while skiing with Garth.)
How long will this last?
The answer to this question remains uncertain but there are indications that can be gleaned from the Center for Disease Control (CDC), World Health Organization (WHO), from postponed events, and from the forward-looking actions of governments and companies around the world.
An analysis of the likely pace of the virus spreading in the US indicates April 23rd to May 8th as the earliest dates when the virus will reach its estimated US case peak. However, there will remain a period of time as the cases decline over the following month or more.
Many Jackson Hole area public venues are closed into early April. These closures may be extended.
On March 15, the CDC announced additional guidance to limit gathers to less than 50 people, until approximately May 3rd.
– Jackson Hole Mountain Resort, Grand Targhee Resort, and Snow King Resort have made the decision to end their winter season early.
– Schools have started spring break one week early.
– Many businesses are closed throughout the valley have closed due to a state wide ordinance.
– Many events scheduled for May in the Jackson Hole area have not been postponed or canceled.
– Strict social distancing, medical or governmental interventions, and the weather will affect the time it takes to complete the curve in the next few months.
How will this affect our market?
As a company Jackson Hole Real Estate Associates has navigated tough and uncertain times in the past, and historically this region has outperformed the stock market over the last 40 years. Statistics show that visitation to our area rebounded quickly after the economic events of 9/11 and 2008.
This graph shows 12 month running totals evening out the major swings by season. Note there is a lag time between when something occurs and when the data reflect the occurrence. To look at visitation patterns post-9/11, you need to look at the visitation number for 9/11/2002, which captures the 12 months post-9/11. Similarly, the post-recession visitation isn’t captured until a year after the recession started; i.e., September 2009. The blue arrows show when the event occurred; the black arrows show the 12 month lagged visitation data you should associate with the numbers. Courtesy Johnathon Shechter/Charture Institute
– Jackson Hole and surrounding areas continue to be in demand. The favorable tax climate, lack of available developable land (only 3% of Teton County, Wyoming is privately owned), the privacy and seclusion of our area are more desirable than ever. Some may view the current global situation as a reason to pursue Jackson Hole as a safe haven.
– Our gross sales volume is up nearly 10% YTD March 17th, 2020 vs. March 17th, 2019. Interest rates are at their lowest level in at least 50 years. Buyer competition could decline for the next few months – reduce multiple offer situations. Now may be the time to get that offer accepted.
– Some sellers may want to wait to put their homes on the market. This is an excellent opportunity to prepare your home for market and be ready for the upcoming demand.
– We will have a better sense of direction in the next few weeks as this situation continues to unfold and we move into spring. Rest assured that we are paying attention to the market and will continue to provide insights into this ever changing market.
What is our message to buyers and sellers?
As we experience a new and uncharted territory, we are working closely with our local leaders to take measures to reduce the impact of COVID-19 in Jackson Hole. Our company is following the economic and global impacts of COVID-19 closely. Locally, our Agent Advisory Board met this week to discuss trends they are experiencing in the market and ways we can be a resource for the community.
The most important thing you should know is we are ready to assist you in any way that we can. Armed with the latest health and safety information, we are here to listen, counsel and support our clients toward the right decision for them.
We are changing the way we conduct business to meet new challenges and taking proactive steps to continue to help our buyers and sellers – most of our meetings will be by phone or through a virtual meeting (zoom or facetime). Our team has decided to work remotely and has adopted protocols to make sure we are creating a safe environment for everyone.
For Sellers: Some sellers may want to wait to put their homes on the market. This is an excellent opportunity to prepare your home for market and be ready for the upcoming demand. We can help you from afar to help you get your property ready while social distancing.
For Buyers: Due to low market inventory and the best interest rates we have seen in years, we are expecting buyers to start their online home research. We are happy to help answer questions and can show you homes using FaceTime, Zoom, or other technology.
If you have any questions or want to chat about current market conditions, please reach out to our dedicated team. We are in this together and available to you at any time. Thank you and stay safe.
