While the outbreak of COVID-19, also known as the novel coronavirus, will impact the housing market, there are a number of ways to handle showings and closings while practicing social distancing. In fact, there are some ways you can make the current housing market work in your favor. At Team Aro in Gig Harbor, our team of real estate agents has the knowledge and experience you need to make your home sale and purchase go as smoothly as possible. Contact us today to get started.
The Housing Market and Federal Reserve
Twice, the Federal Reserve has cut interest rates in an effort to protect the economy from the fear and disruption caused by widespread shutdowns due to COVID-19. As mortgage rates dropped to historic lows, however, rather than an uptick in new sales, there was a large increase in refinance applications. As a result, the Federal Reserve made adjustments to stabilize rates. As a potential homebuyer, this is a great opportunity to purchase a home with a very low interest rate. Contact your Gig Harbor Realtors® at Team Aro to learn more.
Buying and Selling Homes
If you had planned to sell your home prior to the start of the pandemic, we encourage you not to throw out the idea completely. For one, competition will now be significantly lower, which means that your home may get more attention and even a better offer, even if an open house is not feasible.
If you are interested in buying a home, it’s good to know that while mortgage rates are still low and volatile, they are likely to stay this way for quite a while. You need to consider if your job is secure and your finances are in order, and then speak with one of the real estate agents at Team Aro to take the next step.
It’s natural to be wary of having strangers come into your home when social distancing is the current norm. With that in mind, speak with your real estate agent to organize virtual property showings, take pictures, and interactive scans of your home. Your Gig Harbor Realtor® will provide you with the best way to handle the showing and sale of your home.
Closing on a Home
Typically, closings require the presence of a number of people due to the signatures and paperwork involved. Even though social distancing is in place, there are ways to handle the closing so that the sale or purchase of your home is not delayed due to the pandemic. From limiting the number of people at the closing to using electronic signatures, there are a number of alternatives that can work. If there is something that you absolutely cannot work around due to the number of restrictions currently in place, be sure to speak with your Team Aro real estate agent about negotiating an extension with the other party and requesting an extension on your loan offer from the lender.
Your Realtors® in Gig Harbor
While there are many uncertainties during this time, we at Team Aro in Gig Harbor want to reassure you that we are here and ready to help. While this post touched on just a few of the alternative measures we can take, there are many more that we would be happy to utilize to help you buy or sell your home. Contact us today to get started.