Advice for Buying & Selling During the Coronavirus Pandemic
These are uncertain times, so we understand if you're feeling a little hestitant about buying or selling a home in Raleigh right now! While life has certainly been disrupted, and a lot of changes have been implemented in the past few weeks, the good news is that real estate remains steady and we're NOT expected to see a housing market crash like that of 2008. In fact, for buyers and sellers, we recommend business as usual!
Here are some other thoughts, tips, and recommendations for our clients.
Economic uncertainty in the stock market and economy actually often benefits home buyers through lower interest rates—which hit rock-bottom last week. While rates have fluctuated wildly the last few days, they remain historically low, indicating that now could be the best time in years to purchase a new home.
Ask your Exclusive Buyer Agent to introduce you to one of Raleigh’s most trustworthy lenders, who can provide tailored advice to you and keep a close eye on the interest rates for you. Now may be the ideal time for you to lock in your rate and fix your mortgage costs for the next 15 or 30 years, significantly lowering your lifetime interest expense.
Plus, should other buyers get distracted by the news or hit “pause” on their home searches, this may reduce competitive demand relative to supply and put you in an even greater position to purchase your dream home. For now, we advise “business as usual” for buyers.
It is too early to know if or how the coronavirus will impact market demand and interest in your house. Recent results from the past week, however, suggest the opportunities to sell your home quickly at the best possible price are excellent. For example, this past Saturday, we sold a home in two days, and our agents sold six homes, including one listed over $1.5 million.
The only area of slow down thus far is relocation. People are postponing travel. But if other sellers restrict showings or pull their homes off the market altogether, this might increase your market position by lowering your competition.
If for any reason we determine that market conditions warrant a delay in the sale of your home or a price adjustment, we will be honest with you, as always. But for now, we advise “business as usual” for sellers.
Health-Related Ideas for Both Buyers and Sellers
Your health comes first. Should you or any of our team feel sick, we should let each other know immediately to avoid taking any unnecessary risks. Our agents and staff are implementing and developing approaches to reduce the chance of spreading COVID-19, which for now is very low in our area. This is new to all of us, and we are of course open to your ideas as well!
If you are feeling sick, please let us know and stay home. Our agents are more than happy to arrange for a “virtual showings” for you via Facetime or Zoom.
If you are considering attending a public open house but are feeling nervous, we would be more than happy to arrange a private showing for you to increase social distancing. We have access to any home on the MLS.
While touring homes with us in-person, we suggest washing your hands before heading out to meet us and where possible after touring a home. We suggest that you limit the objects you touch in any home and perhaps use paper towels or gloves when opening doors inside.*
If you are considering selling your home and would like to do a “virtual appointment” to learn about our approach, rather than an “in person” appointment, we’d be happy to arrange a video conference using Zoom.
For our clients whose homes are listed and on the market, in the absence of available products marked “antibacterial”, we recommend using household cleaning products and disposable paper towels to clean door handles, drawer pulls, railings, and other surfaces before and after each showing. Perhaps post a sign near the entrance to your house advising potential buyers you’ve done so. We also suggest leaving paper towels and hand sanitizer in your foyer with another sign welcoming potential buyers to use them as they wish.*
We also thought it might be a good idea to add text to the remarks of your MLS listing to the effect of, “Seller is making extra efforts to keep door handles, drawer pulls, and surfaces disinfected for your peace of mind.” We’d be happy to do this for you if you like the idea. Got other thoughts? We'd love to hear them!
*The above are some “common sense” ideas that we’ve developed for clients wishing to sell or buy a home. Since we are not health care professionals, we unfortunately must include this disclaimer. SINCE WE ARE NOT MEDICAL DOCTORS OR HEALTHCARE PROFESSIONALS, THE ABOVE ARE JUST IDEAS THAT SEEM TO MAKE SENSE TO US. WE HOPE THEY ARE “HELPFUL FOOD FOR THOUGHT” FOR YOU. ANY DECISION TO BUY OR SELL REAL ESTATE IS YOURS, AND IN DOING SO, YOU AGREE TO TAKE PERSONAL RESPONSIBILITY FOR YOUR DECISION AND TO IMPLEMENT ANY OF THE FOLLOWING AND THE RESULTS THEREOF.
Thank you for your business and entrusting our Team to use care and diligence in serving you.
Thinking of Buying or Selling in the Triangle?
Linda Craft & Team is here to put our 350+ years of combined experience to work for you! These are uncertain times, but we want to reassure you that we will do everything we can to make sure your goals are met AND your health and safety are protected at all times. Contact us today to learn more about what we can do for you!