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CA DRE #01928562

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5 Questions Buyers Have During the Coronavirus Outbreak Answered

(Published on - 3/25/2020 11:05:20 PM)

 

Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help buyers navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.

 

 

1) Can we still go see home listings in person? – This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. Agents should be able to offer a Skype or Face Time home tour virtually. Talk to your agent to find out what they have available for the buyers to pre-screen the home virtually before setting up the visit; they might have virtual tours already available which can help rule out those that don’t suit their needs.

 

 

2) How can I stay safe while visiting homes? – Everyone’s health has to be the priority; this includes the buyers, sellers, and agents. If you are going to see a home in person during this time, carry hand sanitizer and wipes to use before, during and after the tour. Drive separately from your agent meet at the homes. During the tour, designate one person to open doors, drawers, and closets and use disposable gloves during the showing.

 

 

3) What happens if I lose my job during the escrow period? –Most real estate contracts include a contingency that protects the buyer in the event they can’t get final loan approval and close the loan. Typically during the process, this contingency is removed after a set time frame, or after receiving the loan approval. Since every aspect of real estate is negotiable, consider asking for the contingency deadline to be extended and in place until the close; talk through this aspect with the seller and their agent in advance to set the right expectation.

 

 

4) Will I still have access to the home during the escrow period? – It’s very common for the buyer to have easy access to the home during the escrow period; home inspections, appraisals and just measuring are all common reasons to visit the home during escrow. Consider grouping these activities whenever possible.

 

 

5) Will I get a better deal if I wait to buy a new home? – We all know there’s no crystal ball, but with everything that’s going on, sellers on the market should be very motivated to sell. There are also historically low-interest rates on home loans. There is no way to predict the future, so if the right home comes along, it makes sense to consider it.


San Fernando Valley market 2017- Adrian Orozco Real Estate Broker

(Published on - 11/15/2016 4:29:18 AM)

Many factors come in to play for this upcoming price reduction in 2017. Prices for homes in San Fernando Valley will see a significant market price decrease. One issue is affordability challenges buyers face into while shopping for a home. Increase demand for housing fueled by low interest rates and a low unemployment rate have given seller's notion that buyers are willing to pay high prices due to their peaked interest. San Fernando Valley market prices have exceeded the median household income used to qualify. Thus, buyers are struggling to qualify for increased price demands. Homes will be staying on market longer. Then, Sellers start dropping prices to meet what a buyer is willing to pay in their marketplace.

That being said, sellers are asking an unrealistic price for their home. Another thing that brings importance is an incursion of new licensees. High listed prices combined with a surge of novice new licensee agents willing to take the listings have given the market an unsustainable price.

2016 has seen a high original listed price vs a lower sold price. Days on Market have been tremendously longer which justifies price reductions in 4th quarter with seller’s getting desperate.

Lastly, is that the frequency of sales will continue to remain high as a shortage of inventory and high rental rates are driving the frequency of sales to continue into 2017. Agents and sellers will catch up to sales price matching original price and the amount of homes sold in 2017 will be record breaking.


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