Have questions? We can help.
It’s important to us to keep you informed on how to handle buying and selling real estate as we adapt to life during COVID-19.
BUYING
Is it possible to purchase a home right now?
Yes. Real estate service is an essential business in the District of Columbia and Maryland. We are actively assisting buyers in Montgomery County, MD, Prince George’s County, MD and Washington, DC.
Although we are encouraging the adoption of tools and technology that allow prospective buyers to view 3D tours, we are actively showing properties as needed. During each showing, we are practicing social distancing and providing staff and clients with the necessary PPE- masks, sanitizers, and gloves.
Home loan and mortgage services are also considered essential services, so you can still apply and secure a loan.
Is this a good time to buy a home?
The current environment pose both opportunities and challenges. Ultimately, the decision to buy a home depends on your personal circumstances. Trying to time the market is challenging for even the best real estate investors. Here’s a few things you may wan to consider:
- With many people sheltering in place, there could be less competition for the still limited pool of homes.
- Mortgage interest rates are very low, which has the potential to significantly boost your buying powder.
- Sellers may be more flexible on pricing to close a sale, if letting their home stay on the market will delay their own plans.
If you are willing to face the current challenges, now could present interesting opportunities and we will be happy to assist you with the process. However, if you are risk adversed, you may want to postpone your home purchase.
SELLING
Can I sell my house during COVID-19?
The short answer is Yes. There are buyers that still interested purchasing a house during this time and many that have an immediate need for local housing. However, whether it makes send to sell your house now or wait depends on your current circumstances and the amount of equity in your home.
Can I show my house to potential buyers without having anyone come into my house?
Yes. If private tours are not an option, video tours are an excellent alternative for generating interest in your home. You may also want to consider a live video tour.
Is Spring still the best time to list a home for sale?
Spring is traditionally the best time to sell a home for maximum profit and the minimum time spent on the market.
However, this year conventional wisdom may not apply with both buyer and sellers pulling back from the market.
If you choose to sell your house in this market, it may mean that you are potentially selling in down market. But if you need to sell due to personal or family circumstances, there are buyers still out there. These buyers may be willing to offer a good price for your house because there are so few homes for sale.
The impact of COVID-19 on home prices is unclear. It is worth noting that local markets have their own dynamics in reference to home prices.
What can I do now to prepare my house for sale?
While it’s certainly possible to sell your house now, this may not be the best time for you based on your circumstances. If you prefer waiting, here’s a couple of steps you can take so you’re ready to sell when then time is right.
- Review Your Timeline – Determine home much flexibility you have. Can you wait out the coronavirus, or if health risks and public health orders extend into the fall months or beyond, will you nee to make adjustments to your timeline?
- Prepare Your Property For Sale – If there are improvements you can make yourself, interior painting and touchups or basic landscaping, take this time to start tackling them. If you need more extensive work, start seeking out referrals for contractors an handymen.
- Stay Aware of The Market – Be sure to keep up with properties that are listed and sold around you, especially those properties most similar to your own. This will give an indication of what your property may sell for and may assist you to price your property when you are ready to list.
- Talk To An Agent – Get more insight from a professional. We think you will like us! Give us a call to discuss your property and market. We will he happy to help you with a strategy for getting your property sold with these least amount of stress.
