Real Estate Market during a pandemic
I certainly wouldn’t call myself an expert in the real estate market, after all, it’s only been a few short months since I got my license. On the other hand, I do consider myself an expert in finding silver linings and areas of opportunities, being a realist and a risk-taker, and asking the right people the right questions. Right now, these skills are working in my favor and hopefully, can transfer some hope to my network.
Everywhere you turn, news of the virus spreading, people dying, and the market crashing are right in your face. Very uplifting. For those of you who know me well, avoiding the news and negative social media has always been my MO. Today, I’ve adapted so that I’m not completely living in my “carefree bubble” and I’m only seeking out the information relevant to me. Of course, I have listened to experts and my local government on social distancing and shelter in place.
Things change by the day and it’s hard to keep up, especially when it comes to our financial futures. Some people are still being paid and can work from home, some people have lost their jobs and are hoping for unemployment and a stimulus, and some people are still going to work every day to serve as an essential business employee. So while I’m following orders and staying in my lane, my purpose for this post is to offer some insight on your home and what to do in a time like this.
Here is what we know from experts:
As long as banks & title companies are open, closings will still happen. In fact, mortgage broker of 20 years, Kyle Rau, said “our bank is having closings every day. Although pre-approvals have slowed down from years past and we have more people just checking now to see what payments would be like when things go back to normal, there is still activity.”
In person real estate as we know it, will adapt to virtual showings, e-signature, and FaceTime meetings
With less people shopping for homes, there will be a build of inventory
The process of home buying will take longer than normal, but the industry is still in motion
Here is what we have learned from our past:
The crash in 2008 was due to reckless lending, not a short-term financial crisis. Lenders are still giving out new loans to qualified buyers
Here is the realistic (and somewhat, optimistic) facts:
People still have a need to buy or sell a home
Online home shopping is a safe way to check out what’s available and we all have more time on our hands to research
There are buyers who aren’t afraid to purchase without seeing a property in person
Here is what the risk-taker in me would offer as advice:
Look at your finances and get familiar with the market
If you’re open to virtual home shopping and have the means, swoop up a deal
If you have been thinking about selling, you now have the time to get your house ready to be on the market. If your house is priced right, there will be buyers. If you need staging advice, please message me!
For those of you who have no plans to sell your home, check your eligibility for the Homeowner Relief Program by following this link. Take advantage of this money!
