I know that these are crazy times and every day something new is happening. I first wanted to take a minute and make sure that you and your families are safe and well. Secondly, I wanted to give you an update on our current market situation. As of now, homes are still coming on the market, but at a slower pace than before. I am still able to show homes to people if they are comfortable, but I will be putting precautions in place not only for us, but for sellers if they still occupy their homes.
So what can we expect the market to do over the next few weeks? Homes that are under contract will still be able to close. The home builders are still building homes to try to catch up with the demand. I believe that people looking to sell are going to begin holding off for a few weeks while we are under the 'Shelter in Place" Order. Once we get through this phase and are able to get back to our normal(ish) routines, I believe that the real estate market is going to bounce back pretty quickly. The homes that we were hoping to see enter the market for spring will come, but it may be the summer. That means that the buyers that were waiting on homes in the spring and those that planned on looking in the summer will hit the market at the same time which will force competing offers on many homes. I believe that the market pricing of homes is going to hold strong where it is. Mortgage rates seem to be changing daily so it is something for us to keep an eye on as well.
What to do in the meantime? Keep looking at the homes that do come on the market and share with me your favorite things about those homes, and even what you do not like. Evaluate what is going to be most important for you in your home and maybe some of the wish list items that you may be willing to overlook. Check in with your lender to apply for or refresh your prequal letter and check to see if there are any changes to loan programs that may impact you. Keep saving money if possible to put you in a stronger position when we do find that house for you. Check in with me as often as you would like. I have my phone and laptop close by always!
If there is anything that you need or that I can help with, please let me know. I have a large network of people and I love to be able to help.
Stay home as much as possible and stay healthy!