The Pandemic Effect on Real Estate

Aerial Photograph Courtesy of Colin Fichman, Drone Genius

The pandemic has triggered a very unpredictable real estate market with unusual dynamics.  Nobody knows what will happen with inventory and pricing. So here are some things to ponder if you are thinking of buying or selling a home.

Seller Considerations: Should I Sell?

• Some sellers are pulling their homes off the market if there’s no urgency to sell.
• Some see it as an opportunity to sell with less competition. There are fewer homes on the market now.
• Condo Associations will not allow showings.  Video and/or 3D Virtual Tours are a must.
• Going live on Instagram and Facebook provide opportunity to show the flow and details of the house and neighborhood in an interactive format.
• While the numbers are down, homes are getting listed and selling.

Buyer Considerations:  Should I Buy?

• Buyers are having difficulty getting into homes if they are occupied.
• A vacant house is safe and easy to show. Buyers can gear up with protective equipment and walk the house on their own, or at a very safe distance from the realtor, whatever makes them more comforatble.
• Buyers may have an opportunity for a potential price advantage if sellers need to sell.
• Interest rates are at an all time low. This is an opportunity to buy more home now before prices go up.
• Are you pre-approved?  Do so and find out what your credit score is, as the requirements to borrow are more stringent. (640 is the magic number now)
• Jumbo loans are not easily available with the contraction of loan products, but conforming loans, those $510,400 or less are available.

As for me, I am bullish on real estate.  My feeling is that it’s a great time to enter the market if you have a savvy realtor to help guide you through the process.

Your home should be listed with an experienced Realtor to get the best possible sales price. Please give me a call for a professional valuation if you are considering selling your property. 305-898-1852. We can meet virtually through facetime or zoom or in-person from a safe distance. Homes are selling and virtual tours are the new normal.