What do we do now?: Real Estate During the Pandemic of 2020

What do we do now?: Real Estate During and After the Pandemic of 2020

I am quite certain that none of us planned our year to include a pandemic. This continues to be an issue we are all dealing with daily, doing our best to get through it, and looking for the light at the end of the tunnel. As a Realtor, it is my job to assist my clients and potential clients with navigating this crisis. I am asked daily, "How is the market holding up?" and "Should I sell my home or wait?" and of course "Can we still look at listings?"...my answer is MAYBE!

I am not suggesting that it is business as usual, but the fact is people still have to move, sell their homes, relocate, and refinance, downsize, rent, etc. These things do not stop completely, they do slow down at times, and during a crisis is an example of that. The fact is many people are loosing their jobs, and their ability to pay their mortgage and rent has been reduced or even eliminated indefinitely. Some people are embarrassed that they are having financial trouble and that can be to further determent to them financially. Others are actively still searching for a home and need to keep moving forward despite the stay at home orders across the country. Here is my suggestion on what makes sense in regards to navigating this crisis now and in the near future.

1. Review your personal situation and determine the BEST and WORSE case scenario. 

    If you find you will not be able to stay in your home due to the inability to pay your mortgage, then call your realtor. If you don't have one, obviously I will be glad to assist you. You do not have to loose your home to a foreclosure, in fact you can potentially sell your home quickly and move into something that is more affordable. You can also negotiate with your mortgage company to extend a grace period for loan payments allowing you time to get on your feet again. You are NOT alone, many will be in the same place and will need assistance. This is NOT the time to be embarrassed and stick your head in the sand. Be proactive and seek professional assistance. 

2. I need to sell now what?   

   If you determine the best thing you can do is list your home, we can list it as normal and get it onto MLS immediately. Are we still showing homes? YES Are homes still selling? YES The way we are showing homes and selling them has been modified but is still going on despite the circumstances. We are doing remote closings, we are showing homes with protective gear as well as keeping social distancing.

3. What if I want to just LOOK at homes right now?

Is this the time to browse the market if you are not in immediate need to sell or buy? NO, of course not. Stay at home unless you need to sell or buy right now, if it can wait then by all means wait. If you do need to purchase or downsize, then YES you should contact your realtor and start to find the home that is right for you and your family. 

4. Get your "Ducks in a Row"

   Whether you are looking at the possibility to refinance due to the low interest rates, or if you know you need to purchase a new home, get your ducks in a row. That means financial statements, tax returns, organize expenses, get a file set up for your mortgage company. Any agent will tell you that its important to have all of the necessary documents ready to provide your lender so that the process is quick. You will get a pre-approval for the purchase when you have submitted your application and required documents. This will tell you what you can qualify for, but may not reflect what you can afford. Look at your finances and projected income and expenses and please consider to buy within your means. Do NOT go look at homes higher than you can afford, its easy to fall in love with a home that is maxed out in extras and bright and shiny new things, but the end result could mean you buy more than you can afford. This will make the home you plan to live in very unhappy and uncomfortable because it will be a financial burden. Look within your price point and you won't get your hopes set on something you can't afford. 

  If you want to sell your home and its necessary to do it now, get your documents from the closing of your home previously and locate your survey. Get your utility bills for the last year and type them up for your agent, this is valuable information for your listing to provide potential buyers when they show interest in your home. SPRING Clean...you have the time now like no other to get your home de-cluttered and cleaned out. Start to pack up stuff you don't use on a daily basis and plan to get it either in the attic, storage unit or garage before listing. Repairs? I am sure you have something that you have been putting off right? Get them taken care of if possible or make the list of things to do when we can again. Contact your agent for a full market analysis so you know what your home  is likely to sell for, and make plans to get the listing paperwork done. The rest your agent will be able to walk you through as far as staging, listing, and showing your property. 

Final Thoughts...

If this year teaches us nothing but helps us to recognize what is important and what is not, then it will be lesson that will not soon be forgotten. Our families, friends, and community are what matter the most. Spend this time with them, take time to take care of yourself too. There is so much stress right now everywhere, its important to keep things in perspective. The truth is we will recover from this, we will get back to work, kids will go back to school, it will be different but we will be OK. This is the time to use your resources in every aspect of them...including your real estate agent because we are essential too!