The real estate market is hot right now! Buyers are ready with historically low mortgage rates, but there aren’t enough homes on the market. This means sellers are seeing homes going
FAQ's regarding Real Estate During This time
The most important thing we want you to realize is that for Martin Realty Group, real estate has never been about the transaction: It’s about YOU--the people and the relationships. We care about you and are here for you.
In connecting with you over the past few weeks, we’ve been asked many Real Estate questions during this time, such as “Should we buy or sell a home in the current times?” and “Is business as usual?” Business is not “usual” but we are considered essential employees, our real estate market is still moving, and current buyers are serious buyers. Real estate simply looks different right now. While the drop in the federal prime lending rate will not have a direct impact on mortgage rates, they are still low.
Here are some tips as well as things to consider to see if this is the right time for you to buy or sell.
Step 1: Continue strengthening your community
The location and community help sell a home! It’s the perfect time to come together as a community and support one another.
Check on your neighbors.
Provide safe support to those who have a need.
Try to support our local small businesses to help ensure their survival.
Step 2: Stay calm
Everything has been in place for a strong spring market and no one could have anticipated the recent changes.
There is still a need for housing and mortgage rates are still low.
Even with a financial fall from Coronavirus, economists say housing is on solid ground. We anticipate a strong real estate rebound that has the potential for growth.
We may see fewer homes entering the spring market than originally anticipated.
As a buyer, this means you will still need to be prepared. A loan preapproval will provide a great amount of leverage in the buying process.
As a seller, this could work in your favor to sell quickly. “Coming Soon” campaigns will be more important in this market.
We anticipate a VERY busy summer, especially before school starts in the Fall, so preparing now can help.
Step 3: Reach out to your lender
The best thing you can do right now is to talk with your lender.
The drop in mortgage rates in early March means your lender may have a high volume of refinancing, affecting the amount of time it takes to close on new loans.
If you anticipate any upcoming changes relating to current times (job or pay change), communicate those to your lender immediately so they can work with you.
If your home is for sale, check with the buyer’s lender to ensure timelines will be met and all parties can begin to make moving plans.
If you can offer flexibility during this time, inform of that as well to put everyone at ease. We all want the same positive outcome.
If you are considering buying, get pre-approved so you are prepared if and when you are ready.
All of this can be done by phone or computer.
Need a lender? Let us know and we will connect you with an excellent one.
Step 4: Think virtually
We are taking every precaution to stay safe and keep you safe. Technology is AMAZING and we can still safely take care of most of your needs virtually!
Selling? Let's have a virtual consultation to assess your needs. We can do a walk-through of your home and work on a comparable market analysis (COMPS). We can consult on staging and repairs, and we can begin a successful “Coming Soon” campaign before the house even hits the market.
Buying? Many homes have virtual tours already in place, and we can provide a virtual tour if we need to. We are happy to create a safe, germ-free tour.
Step 5: Use this time to prepare your house now
Many times, the decision to list your home happens quickly. This can leave little time to prepare your home for sale. Plus, donations you make after your cleanout may be needed by others now more than ever anyway! Now is the time to prepare so you are ready by:
Cleaning Out Your Drawers and Cabinets. Many people move to have more room, so show them how much room they will have in your home.
Decluttering Every Room. Take note of what decluttering can be done. If you are serious about selling, pack away these items as well as personal pictures and items.
Video calling Your Agent. Unsure where to start preparing your house? We can help! We can go room by room via video call and help you determine the areas that need attention. We can even have you video call with our professional stager for her suggestions.
For more great tips and considerations on whether this is a good time to buy or sell, visit: Should I Buy A House During Coronavirus Crisis?.
This social distance time will pass. Economists tell us this means we will have a large demand when this does pass. Therefore, we anticipate a very busy summer, especially before school starts in the Fall. If you are considering a move, reach out so we can help you decide the right time for you, prepare now by comparing COMPS, or get pre-approved for a loan so we are ready when you are.
To stay up to date on the Real Estate market, news, contests, and more, follow Martin Realty Group on Facebook.
For helpful and inspirational community information, especially during this time, follow the Alliance Community on Facebook.
We are all in this together. Please let us know how we can help you as your friend! Stay well and safe!
Jodi is a full-time real estate professional with 5 years of experience that is focused on providing clients with superior service. Her passion for being accessible, communicating in a timely and effe....