COVID-19 Pandemic & it’s affect on the real estate market
What a wild few weeks we've experienced! All of us have felt the effects of the pandemic and many people in more way than one. With many industries at a stand still, some may be wondering: what is going on with the real estate market? Especially all who are already involved in a real estate transaction or are wanting to start one. I'm here to reassure you and provide some info on what's happening or what you can expect going forward in our "new normal".
If you have a transaction that is already in progress:
Almost everything can be done remotely these days, so there’s no need to worry about your transaction coming to a screeching halt. Since we are already a few weeks into quarantine, we’ve moved past most of the potential bumps in the road. Even before the pandemic happened, there may be issues that arise, so don’t have the expectation that absolutely everything will be a breeze; but don’t also assume that nothing will move along. The real estate industry has a tendency to be unpredictable, which can sometimes work in your favor. And don’t fret about escrow and title companies. They have been moving toward conducting business remotely for quite some time now, so they have the set up to handle their side of the transaction.
Something to take into consideration…
Unfortunately, criminals are capitalizing on the extra anxiety caused by the pandemic. As always while in the process of buying or selling, only use wire instructions you received over the phone from someone you trust. Never respond to phone calls, texts or emails from numbers or people you don’t recognize. Make sure to always be cautious- taking the extra step to make sure you’re making all the right moves during your transaction is always a great idea. Err on the side on caution! You never want to be caught in a “funny money” situation.
Inspections & appraisals:
These types of things will still need to be done at the home. If you are present during inspections, make sure you and the professionals are maintaining a six foot distance from one another. Don’t forget to wipe down and sanitize surfaces after inspectors or appraisers leave. And use a mask or disposable gloves when you deem it necessary.
If you’re on the selling side, don’t worry about getting the word out about your home being on the market, I totally got you! Even before the pandemic I always go the extra mile to market my client’s homes. I utilize my own social media channels and outsource marketing services. Many realtors are moving towards virtual tours, as am I. So there is nothing to worry about on the selling or buying side- I will make sure prospective clients will see your home, or you will see your potential forever home. Tours are also available by appointment. I myself, am always health and safety conscious and make sure to be with my clients as well. If I do take you on a showing, I make sure to take all necessary precautions- masks, disposable gloves, hand sanitizer, sanitizing wipes and social distancing of course!
There’s no need to put off your real estate plans in the current climate. Many are scared to move forward and with all the uncertainty, it can seem pretty daunting. I’m here to reassure you though, that buying or selling at this point is totally attainable. The real estate market is pulling forward, which are signs that we are returning to some type of normalcy. If you have any questions about the real estate market in the Portland Metro Area, please do not hesitate to reach out. I am available by call, text, email, direct message or any other means you may need. I can’t wait to hear about your real estate plans going forward, and I would love to work together!
Stay safe and healthy and as always, stay putting out those positive vibes!