How is COVID-19 Affecting the local real estate market?

Posted by Matthew Hodge on Tuesday, March 24, 2020 at 2:59 PM By Matthew Hodge / March 24, 2020 Comment

We are truly living in unique times. The coronavirus pandemic is impacting everyone, from our families to our first responders, our businesses, and our way of life. We hope that you and your families are safe during this time. As we do our part in social distancing, we have been setting up virtual home consultation appointments. I wanted to share some DIY tips and answer some of the frequent questions we have been receiving.

Whether you're thinking about selling your home or want to stay productive with the extra time, here are 3 quick DIY home tips.

Curb Appeal - The first impression of your home starts the moment a potential buyer pulls up to your home. Planting colorful flowers, weeding the garden beds, and pressure washing the driveway are easy fixes that will make huge impressions.

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Declutter Living Areas - When a potential buyer enters the home, their main objective is to envision their life there. Removing clutter from the main living areas will help them to see the house and visualize the space more freely.

Quick Touch-Ups - Fix any loose handles and squeaky doors. It's a small thing, but you'd be surprised how much of an impression it can make. Replace interior and exterior burned-out light bulbs, and air filters. Touching up scuff marks on the walls, and vacuuming the baseboards where dust tends to settle will help make positive impressions on the buyer. The goal is to help the potential buyers know the home has been well cared for by the previous owners.

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How do the current economic changes affect home values?

Although we have seen a drop off in the number of buyer showings, we have not seen any notable decreases in values. Due to lower interest rates, we have seen an increase in buyer demand and pre-approvals issued. We are expecting a massive surge in demand and home showings as things return to normal.

If we enter a recession, will I be able to sell my house?

Absolutely! It's important to note that in 2008 at the height of the real estate meltdown, 4 million homes sold that year. Even in environments where home values fluctuate, there is always someone who needs to purchase a home.

We plan to sell our house but are not sure if now is the right time. Should we wait to list our home?

You are not alone! Many people we speak with are uncertain if they can still accomplish their current real estate needs. We recommend scheduling a virtual meeting with us, and we will guide you through the selling or buying process and advise you on the best timing.

We are currently in the process of looking for a home, should I still be buying now?

If you are looking to purchase your primary home, and do not plan to resell within the next 24 months, then right now is a great time to take advantage of lower interest rates. History has shown that owning a primary home vs. renting is more beneficial long term through any market environment.

If you have any questions about the real estate market, or buying / selling a home, please feel free to call or text us at 407.268.0046.