(Published on - 4/13/2020 5:11:20 PM)
Dear Customers, Family & Friends,
In these unprecedented times I wanted to start by wishing you and your family good health and peace of mind, now and in the coming weeks ahead. Isolation can be so difficult especially when the news creates anxiety. There is much misinformation and it is important to get the facts as to what lies ahead.
It has been declared that the real estate sales business is an “essential” service. That means we can continue to put homes on the market and show prospective buyers properties, while following all of the necessary safety guidelines.
As such, all open houses have been cancelled, as we want to stay away from any group situation. Therefore showings will be done one at a time, with buyers accompanied by agents. We ask Realtors® and buyers to hand wash upon entry, use hand sanitizer or wear rubber gloves. We also ask sellers to turn on all lights to prevent any unnecessary contact.
If this makes you feel uncomfortable, then I suggest waiting until things get better before we put your property on the market. If your home is vacant, I would suggest putting it on the market sooner than later while the inventory is still low, as many sellers will be coming on the market at the same time when it is safe to leave your home and the competition to sell your property will be higher.
For buyers that are not feeling comfortable leaving their homes, I am offering virtual touring of the properties that my clients are very interested in. I walk through the property videoing, live streaming or FaceTiming so that my clients can get a better perspective of the property.
Real estate values have actually gone up on average (except the recession of 2008) in 3 of the last 5 recessions and only down 1.9% in the fourth recession. We anticipate home values will maintain stable despite the delay, but of course we are in uncharted territory. As the stock market declines, more and more people are looking for “tangible assets” to invest their money and real estate is one of those.
Interest rates remain low and numbers of buyers are high. Again, job losses may affect the number of buyers in the market. On the positive side, 84% of millennials state that home ownership is still the American dream.
If you have a secure job and are financially stable then this might be the best time to buy that home you’ve had your eye on because sellers who are in the market will most likely jump at the opportunity to accept an offer coming from someone who is financially able to close the deal. Remember that there is always an opportunity to make good deals in any economic situation. You have to decide for yourself if you are able to do it and if the time is right for you.
As this situation continues to evolve, there may be a pent up demand as many sellers and buyers realize they want to be in a different setting if this ever should happen in the future. Remember there are many reasons to move; marriage, children, job change, retirement and downsizing.
Please feel free to contact me if you have any questions. I am here to help in any way possible. Together we will get through this by taking care of each other.
Thanks very much and please stay safe.
Dale's Home Selling Team
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Below are some helpful thoughts for Buyers & Sellers in today's current market:
Should I consider buying right now?
- Most importantly, if safety is your main concern you must do what is right for you and never be afraid to ask your agent the appropriate questions regarding safeguards and protocols in place to ensure a buying experience that is comfortable for YOU.
- Many buyers are taking advantage of the low interest rates right now.
- Some buyers have decided to wait for the time being, creating an opportunity for others.
- Online property photos/videos and information is so comprehensive now that the majority of your search can be completed at home with private property showings being limited to your few "Finalists" to determine which home to make an offer on.
- Once you find the right home, negotiations, contracts and the processing of your accepted offer can mostly be completed electronically all the way to your day of closing.
Should I consider selling my home right now?
- Most importantly, if safety is your main concern you must do what is right for you and never be afraid to ask your agent the appropriate questions regarding safeguards and protocols in place to ensure a selling experience that is comfortable for YOU.
- We have ceased open houses for the time being, eliminating that traffic through your home and limiting property viewings to serious buyers through scheduled appointments that must be approved by you.
- Current listings are actually receiving more market exposure now as online showings increase.
- Demand is steady as buyers continue to take advantage of low interest rates.
- Buyers are eager to see NEW inventory.
- Buyers currently in the market should be considered serious buyers.
- When buyers are ready to make an offer, negotiations, contracts, and the processing of your accepted offer can mostly be completed electronically all the way to your day of closing.