Buying homes in the time of COVID-19

COVID-19 real estate market, gay news, Washington Blade
Some agents are reporting multiple offers and quick sales and other agents are reporting a hard stop in showing and selling during the pandemic.

It seems that many of us in real estate are hearing that people are going to want to have homes with more square footage, outdoor space, more room to spread out. What if this pandemic happens again two years from now? People are starting to realize that they may want a better kitchen, more storage, a yard or a bigger yard. Maybe walking distance to a Metro or a corner store.    

Interest rates can still be good for now. Some banks are weighing their options for loans on a case-by-case basis. Do you work in an affected industry or are you furloughed? They might want a higher down payment at certain purchase prices just to be more confident in the ability to repay the loan. There may be more of a process for vetting a buyer’s employment and its long term prospects.

Showings seem to be best in vacant homes. Many agents have hand sanitizer at the ready and face masks. I have personally done some showings for agents who are married with children and just prefer to let someone else handle the showing while they write up the offers. Some agents are reporting multiple offers and quick sales and other agents are reporting a hard stop in showing and selling.

Context is everything. Does your seller NEED to sell right now? Can they wait? Is the buyer’s income affected by the virus and its effect on the economy? If you manage a grocery store you might be fine. But if you managed live theater or worked in the travel industry you might be worried. 

At any rate, I think the best way forward is mindfulness. One day at a time. One breath at a time. Breathe, stay calm and carry on. The answers may come in the middle of the night or when you are showering. I personally have a listing that hasn’t sold yet but am learning new ways to market it, such as virtual open houses, using various apps, etc. Necessity IS the mother of invention.  

We’ve gotten through all the other things to get through, why not this?

Joseph Hudson is a Realtor with The Oakley Group at Compass. Reach him at 703-587-0597 or Joseph.hudson@compass.com.

Published at Sun, 03 May 2020 21:28:56 +0000