Now that we are officially into day 2 of the shelter in place order, things have settled a little bit in terms of their relative uncertainty from my vantage point. For the next 12 days (best case
Post Shelter In Place Thoughts And Musings
Now that we are officially into day 2 of the shelter in place order, things have settled a little bit in terms of their relative uncertainty from my vantage point. For the next 12 days (best case scenario), we are in a unique situation where the market is still open via the MLS, but physical showings are not legal due to the non-essential order placed on REALTORS®. Believe it or not , this timeout for REALTORS is actually a blessing when you look at it purely from a financial view, as it will give the lending side some time to stabilize alongside the rest of the institutions that have been rocked by this pandemic. Its a blessing because we are essentially in a hold that could be a main reason we are not seeing a huge drop in price. As the buyers circle the homes, the tension will only mount until the light turns green and the market can function again.
In the meantime, if you are a seller or builder I would recommend that you ready your property by already getting it on the market ASAP. The goal will be to have it right before the shelter is lifted, to take advantage of the increase in demand that is slowly building. There will be a lot of inventory to compete against when this occurs, so having the best media like our company provides, will be essential to being chosen by home buyers. It will be a buyer's market, make no mistake of it, but the inventory will be low enough that I feel the prices will not have everyone losing their pants.
If you are a buyer and have a good lender or cash in place, this is the moment to strike. Deals can still be conducted during this shelter in place electronically, and submitting various offers to take advantage of seller uncertainty could yield you a property at an impressive value. This is not unethical or seedy, this is pure economics / finance in that you are relieving them of what is likely a liability at a time where the future IS uncertain. This last part has obvious implications for you walking into this new property, so be sure to do your home work. Our 100% free buyer services are perfect for this, and I know I could find you something.
While this article was purely financial, its important to not forget the main focus - health. Without it we have nothing, so please be safe out there and practice appropriate washing techniques and curfews.
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Tony Villeda here! I received an email from Mr. Oursler earlier this year and I took him up on his offer to provide everyone with a great article on something EVERYONE get's anxious about - buying a