Like with most areas of your life, COVID-19 comes with huge implications and some uncertainty. Real estate is no exception.
We have been receiving many questions from our clients and friends about how the real estate market is responding to our ever-changing world and the new “Stay Home, Stay Healthy” orders from Gov. Inslee.
We thought it would be helpful to put together a quick Q and A to update everyone.
How is COVID effecting the Real Estate market?
The real estate industry in general has quickly adopted new policies and safely measures for the protection of the public. We are no longer able to host open houses, and all in-person showings must be done by appointment. Real estate offices must be remain closed, however, brokers are able to work from home and outside of the home in VERY limited capacities. We are encouraged by the quick action of the industry and believe this will prepare us for a quick recovery after the Governor’s Order is over.
We anticipate a flood of new listings and new buyers to hit the market once we are on the other side of all this, which could likely pose some challenges for buyers emerging into the market. We stay on top of the rapidly changing situation and how that may affect our clients.
Can I still tour homes and properties?
Yes, but with extreme discretion and under strict protocol. As of Saturday, March 28, Gov. Inslee made modifications to the Stay Home, Stay Heathy Order for the real estate industry which allow for VERY limited in-person activity, and only when the activity cannot be facilitated from home. This includes home tours. While there is some flexibility at this time to view homes, we STRONGLY encourage you to hold off touring until after the “Order” is lifted.. If you absolutely need to move or purchase during this time, we are required to tour with strict protocols, these include:
All in-person activities must be by appointment only;
No more than two people, including the broker may be at the property at any one time; and
Those two persons must strictly follow social distancing guidelines established by the Centers for Disease Control and Prevention (“CDC”) by remaining at lease six feet apart at all times.
I was planning to sell right now, should I list my home?
This answer is a little more individualized than some of the others. While we are still seeing listings receive offers and “go pending”, it is hard to say if this activity with continue under the current conditions. Allowing visitors into your home will increase chances for exposure to COVID. Further, buyers may be less inclined to view properties with the added health risks and new showing protocols.
If you absolutely must sell at this time it is critical that you take precautions to protect yourself. Best practices include sanitizing between showings, requiring preapproval letters from viewers, restricting shoes indoors, and moving out before listing. These can all reduce your risk of exposure as a property owner.
My home is currently listed, what should I expect?
We are still working diligently to get your property sold! We are extremely fortunate to have many online and virtual resources at our fingertips. The Matterport 3D tours, drone videos, and professional photography previously completed on your home/property is uploaded and accessible to potential buyers. We continue pushing forward with our online and print presence through targeted advertising.
Are Inspectors, Appraisers, and Lenders open and operating?
Yes. These services have been deemed “essential” by the Governor. While inspections, appraisals, and lending are happening, it is in a modified capacity. This means that any in-person activity with buyers/sellers related to these activities is not permitted and will need to be done virtually.
What should I be doing at this time?
Your health and well-being are of the utmost importance to us – especially in trying times like this. While it is completely up to you how you handle this time, we always encourage people to try and find the silver lining in this extended “slowdown”. Your activities might look different for our Sellers and our Buyers.
Sellers: Take this time to prep your property for listing. You will be happy you did, when the time comes to sell!
Spring cleaning!
Tackle that home improvement project.
Get a head start on decluttering or packing.
Buyers: Use this opportunity to get your ducks in a row for your home search. We expect a large influx of listings coming on the market when things start to settle down, make sure you are ready!
Contact your mortgage lender to finalize/update your pre-approval letter
Work on your 2019 Taxes
Continue to save for your down payment and/or pay off debts to improve your ratios
Get a head start on decluttering or packing for your new home
How is Coastal Realty responding to COVID-19?
We take everyone’s health and safety incredibly seriously. We are strictly aligning ourselves with the protocols required by the Governor and Washington Realtors. All our Brokers are obeying the Staying Home, Stay Healthy Order and practicing social distancing to protect themselves and those around them.