Moving During a Health Crisis

Dated: April 1 2020

Views: 112

There is no doubt that things are very uncertain right now. The Covid-19 health crisis has impacted almost every aspect of our lives, and no one is 100% certain on what lies ahead in any industry and the real estate industry is no exception. While the majority of real estate experts anticipate a healthy and speedy recovery after the clearing of this pandemic, it’s completely understandable that there is a lot of caution when entering the housing market. 

If you’re left with no choice and need to move due to employment changes, military relocation, family dynamic changes, etc...there are some important things to consider during these historic economic times. A qualified real estate professional can help you navigate the market and provide a list of resources that can prove to be very helpful, saving you time and money.

Selling Your Current Home - If you need to sell before moving, keep in mind that the market has already changed from only a few weeks ago. Current sellers are seeing less traffic, longer time on market and less competition between buyers, sometimes resulting in a slightly lower sales price. While there isn’t any definitive answer as to whether property values have dropped due to this pandemic, some sellers are accepting lower offers in order to keep their deadlines intact. If you’re curious about your current home’s value and how your specific market is reacting to the pandemic, click here for a FREE home valuation.

Extended Response Times - Whether you are in need of contractors to make repairs before selling, vendors like landscapers, painters or cleaners, ordering furniture or moving companies, a vast majority of the World is dealing with labor shortages, layoffs, and longer than normal wait times for their services. This is also true in the real estate industry. While there are a lot of real estate agents lying in wait for the rebound of the market, other important people like inspectors, appraisers and mortgage professionals are sometimes slower to return information for a number of reasons. On the flip side of that coin, some are faster due to the decreased demand for their services. You should create a list of the vendors you will need and contact them directly to see what their current situations are and what precautions are being taken to conduct business  safely. If you need assistance locating specific vendors, click here and we’ll be glad to assist!

Finding Your New Home - Homes are still being listed. In Metro Atlanta, 11,335 homes were listed in March 2020, an increase of 15% over February 2020 with 9,799 new listings. That’s the good news! Most of these listings are still allowing tours, some being virtual tours only, and most are providing PPE like gloves, hand sanitizer and shoe covers so you can still tour the home safely. This may account for slower showings, less available time slots and definitely less available listings to see, but it will also account for less competition when you find the right home. If you would like to see all of the listings in a specific area, click here to begin searching for your new home!

The Closing Process - People are still moving, so agents, lenders and closing attorneys are still conducting closings! They don’t necessarily move along like normal, but in most cases they move along smoothly and without any major problems. Agents are foregoing their attendance at closings and many are missing their first closings of their careers, but it is all for good reason. The agent’s work is almost always done by the time closing rolls around and their attendance is usually just a big hug, high five or hand shake at the closing table (all of which are not really a good idea right now). Closing attorneys have adjusted by allowing one party to sign at a time or separating buyer and seller in different rooms, and in some cases allowing for digital signatures and power of attorney situations when the seller is unable to attend. Lenders are only seeing minor delays in processing and funding, but rarely seeing major problems as a result of the pandemic. Overall, the real estate industry has responded quickly and effectively to this challenge to keep the market moving forward as efficiently as possible.

As agents, we’ve learned that there is always a way to navigate any market. If you’re wondering what the current market is like in your area, need to make a move and want some guidance or plan on moving later in the year and want to know how best to be prepared, click here to contact us and we will be glad to help you get started and provide expert guidance through a difficult market.

 

 



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Geoff Nagy

Prior to his real estate career, Geoff spent nearly 25 years in the retail Grocery industry, most recently as a Store Manager with Publix Supermarkets, Inc. His ability to manage diverse people, syste....

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