We have been getting calls and emails asking about how the Coronavirus is affecting real estate and we wanted to give you an update.
First of all we hope everyone is doing the best they can and staying healthy during this unprecedented time in our lives- its definitely challenging but I try to focus on the opportunity rather than the difficulty. Looking for the upside in this downside situation by separating what we can and can’t control- then its easier to take the right action.
I’m working to train my brain as studies show that deep breathing and easy music signals our brains to stay calm, increases concentration and lowers our heart rate and blood pressure- after all we can only work through this and we can’t control it.
Now on to the market!
Prior to about 2 weeks ago the virus didn’t seem to be causing much change in the strong activity in home sales- just as in the Spring of 2019 we were telling sellers and buyers that about 5 days is all a nice property should be on the market before it is pending sale. This year, in many cases in the under $250k price range, we would have 25 plus showings in 1 day which then lead to multiple offers. The strong market is based on historically low mortgage rates combined with low housing inventory.
Then the Governor, in an effort to slow down the potential onslaught of many cases and the burden that would cause on our hospitals, started closing restaurants and bars and that certainly started to cause a drop in activity- but still we had sales, just fewer.
Now with the “shelter in place” order from the Governor which goes into effect today, it can't help but cause a further slowdown- however we have ways to combat this along with suggestions to keep moving forward if your plans are to buy and/or sell your house this year.
Here they are and please remember that Real Estate is considered an essential business but we want the safest approach for all our customers and clients:
- First if you're planning on buying a new home this year we can connect you with some of the best lenders in town, who can help you determine your price range as well as pre-approve you for the loan, so when the right home comes up you're in a stronger position to be the winning buyer
- Virtual Tours of homes for sale as well as we are now able to put up to 50 photos of listings on line for your perusal
- We will tour a property with you on FaceTime if acceptable to the seller
- If you're a first time buyer who would like a phone meeting with us to learn the process etc we are happy to do that by FaceTime etc as well
As for selling your property:
- Now is a great time to prep the house and yard by purging the inside as well as cleaning up the yard from winter
- We are already doing walkthroughs with owners on FaceTime in order to offer tips on preparing the home for sale
- We can refer painters, plumbers, stagers etc so you can have them scheduled before the rush which will be once the virus has subsided
In closing I truly feel that a very strong Spring Market will be here…but it will be later than Spring and those interested in making a move can spend this time planning with us to make it successful for them.