Real Estate and COVID 19

Coronavirus, COVD 19 - we are all in this together. 

I am so many things right now - small business owner, mother, wife, daughter, working from home with a 9 month old baby and trying to stay sane!

I have gotten a lot of questions from clients, friends, and family over the last few weeks regarding what is happening in the real estate market. No one can say for sure what will happen once this is all over, but for now, here are some FAQs, answered:

Sellers:

Is it a good time to sell my house?

• For now, the market is holding steady. There has not been a shift up or down in our local market. Demand is still high due to people having to or wanting to move for different reasons and inventory is still extremely low. 

How will buyers see my house?

• Right now, many Realtors, including myself, are offering virtual tours of your home so that buyers don't even have to leave their house to see yours! Or ask your agent to do a video walk through of the house for you so you can really get a feel for the layout. I have a lot of experience doing this with out-of-town clients and have had many put in offers this way. 

What can I be doing during this time to prepare to sell?

• If you aren't quite ready to sell, but are finding yourself with extra time on your hands, now is an excellent time to start getting the house ready to sell! You could be: sorting things into keep, giveaway (donation), and trash. The local library would love the books you don't want! Finding contractors for projects such as painting - or DIY! Deep cleaning, such as dusting doors and baseboards, or cleaning your windows is always something that looks great in listing pictures. Or, get some sunshine and work on the backyard - plant flowers or do some weeding. 

Buyers:
Is now a good time to buy or should I wait?

• Some people may decide to wait until later this year to see what happens to the market. Right now, interest rates are still at historic lows and as long as your job is secure and you can afford the payment, why not continue with your dream to become a homeowner? There are some great homes on the market today!

Is now a good time to refinance?

• Refinance rates have gone up in the last few weeks due to mortgage holders trying to control the enormous amounts of people that are refinancing. It doesn't mean it's not a good time to refi - check with your mortgage holder and see if it's right for you. If you can save a point or more, it may be the right time. 

I noticed interest rates are down, then up again. What's up with that?

• Interest rates were recently down at record lows, but then shot back up when a huge number of people rushed to take advantage of the low rates. As I mentioned above, some lenders artificially raised rates to try to manage the refinance requests. Rates will most likely go down again as demand drops again. Talk to your local lender or compare mortgage rates here.

If you have any questions about what is going on with the current real estate market, I am here for you! Feel free to reach out to me: sarah@sarah-ratliff.com or 530-391-1576