What Should Buyers and Sellers be Thinking Now?
Our clients look to us for answers, so we will give you our best opinion of what to think about as a buyer or seller of real estate in a hopefully post-pandemic market. We are not sure when the “post” part of post-pandemic will arrive. However, we can give you some ideas on buying or selling homes in the semi-near timeframe.
What Should Buyers and Sellers Be Thinking Now?
Buying a Home in the Post-Pandemic Market
Take some time to research. Read widely. Here are a few resources as of this writing, and they are updated frequently. Forbes, Washington Post, California Economic Forecast. These are BIG PICTURE predictions, and many people are making educated guesses. Be discerning. What do these experts expect to happen versus what do they hope will happen?
You need to have a good relationship with the real estate agent in the area where you’re going to buy. What is happening there? Employment? Bankruptcies? Schools going live or virtual? Ask questions. If you are looking for a reasonable price on a home in the area, sometimes probate homes or conservatorships and trust homes can offer better prices.
You might need to be thinking about buying a second home outside of the city. There are properties in Orange County that might fill that bill. Or you may choose to plain move out of the big city into the country. Or buy a smaller home or a condominium to cut costs. Alternately, you may decide a bigger house would be better if you’re going to be working from home with one, two, or three other remote workers. If for any reason you must sell your current home. Read on:
SELLING a Home in the Post Pandemic Market
Can you afford to sell your home at a “depressed” price? Would you be better off waiting to sell? Can you afford the payments? Can you re-finance? Check with an accountant. Call in a financial advisor. Ask your real estate agent if they can recommend a suitable lender or two. (We can.) Especially call us if you cannot make your mortgage payments, and you think you have to sell. Let’s talk about it. Interest rates have declined. Lots.
You still need to have a very close relationship with a professional real estate agent (yes, like the CREM Group) in your area. It would help if you had someone who has done their homework on the economy, the schools, job prospects, and the comparable home prices to help you value your home and “stage” it correctly.
You need to be willing to decide. Know the risks. Know yourself. Selling your home is a massive decision in any market. Picture yourself out in the country. Can you do it? OR are you a city person through-and-through?
Until a vaccine for Covid-19 is found, there will be changes in almost every single industry you can imagine. Retail will change (it already has). Entertainment and jobs associated with it are uncertain. Downtowns will look different. Restaurants. Services. The near future is definitely unknown. The predictions for six, twelve, and twenty-four months are hazy, except to say life won’t look the same.
When the path forward gets muddy with lost jobs, scary diseases, and social unrest, it isn’t easy to think about buying or selling a home. Sometimes you must. Uncertain times call for defending yourself with knowledge at the 30,000-foot level by reading and listening to sources with different agendas or viewpoints. It also involves putting faith and trust in the people on the ground—the experts who can tell you what’s important to you in the neighborhood where you are buying or selling. It’s best to have experienced real estate agents as well as other lenders, attorneys, and accounting professionals specializing in real estate.