How has the Coronavirus impacted our real estate market?

Maybe you're curious to know, how has the Coronavirus impacted our Real Estate market?  

Homes are still selling!  Interest rates are exceptionally low!

New homes come to the market every day, while some sellers have decided or may decide to cancel their listings.  It is about what they feel is right for them.  

Some buyers have canceled their escrows and wait to see how the future will unfold - but this is not the case for every home. As a seller this may make you think it's not a good time to sell because buyers are not active, when in truth, inventory is very very low and serious buyers are still abundant and we're in multiple offer situations as much as past weeks.  

Some buyers who have not opened escrow on a home are waiting it out and delaying showings.  Some are keeping an eye on their stocks etc. as there have been many new developments and fluctuations with their investments and they may have been depending on those funds to purchase a home.

SHOWINGS:  Showings are still completely possible through a variety of formats.  Some buyers are having their agents use FaceTime or video recordings to provide a walk through so they don't actually need to visit the home right away.  

 And then there are buyers who are still actively looking in person, viewing homes with their agent.  

VIRTUAL AND ELECTRONIC SERVICES:  As many of you know, most of your real estate documentation can be completed electronically through e-signings and virtual presentations.  There are some things that DO happen in person such as inspections and deed signing with a notary, but when it comes to signing certain contract/disclosure items and viewing homes, we can help keep most of it virtual if that is a client's preference on either side of the transaction.  

ESCROW:  Some delays may be the new normal as certain items that require in person signings may not be feasible with certain travel restrictions.  This does not mean the sale stops, it just means we have a little bit of a wait.  

 Loan time may also cause delays as processors the first week of March were flooded by pre-qualification and refi requests when rates hit an all-time low. Their reaching capacity is one of the reasons rates have slightly increased but once orders level out we very well may see another decrease.

 Some contingency periods could be extended if inspections and loan underwriting cannot happen within their contractual deadlines. (Although, we're largely still closing escrows in the expected 30 day period).

OPEN HOUSES:  Don't be surprised to hear agents asking all visitors if they have any cold symptoms or have traveled out of the area.  You will likely encounter hand sanitizers, wipes, gloves, etc. to protect yourselves as well as the homeowners.  You may be required to tour the home in small groups with your family or partners and wait while others finish to keep a safe amount of distance between each other. 

 As a seller, don't be surprised if your agent asks you to express your open house wishes in writing for their records. 

 This is evolving daily, so open houses could stop in our local area depending on government and local authority’s suggestions, or they may be allowed to continue (at the seller's discretion), time will tell.  

IF YOU HAVE COLD SYMPTOMS:  Please stay home.  

As always, If you have any questions, please reach out to me.  New developments occur daily and ensuring you stay educated to help you make informed decisions while staying safe and comfortable is important to me.  

We are in this together.  

~Christen