State of the housing market: Top buyer questions answered
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“When the mind is in a state of uncertainty, the smallest impulse directs it to either side.”–Terence, ancient Roman playwright
Everyone is being affected in some manner by the outbreak of COVID-19 Coronavirus. During this time, buyers will have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate ourselves, the better we can help our clients navigate the buying process smoothly during the pandemic. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered by yours truly, The LKW Home Team, Lauren Lucas & Jennifer Kessel-White.
1. Can we still go see home listings in person? – This is the hardest question to answer and it will depend on the seller of the home. Currently homes are still available for your agent and you to walkthrough. For protection purposes, The LKW Home Team provides gloves and sanitizer for our clients. The most common trend we are seeing is no overlapping showings, so only one group at a time will enter the house (the buyers and agent) and the next showing will wait for the previous potential buyers to be finished. We are of course, offering virtual tours; this is where we will tour the home for you via Facetime, Facebook Video Messenger, Zoom and more. Hey, we have put multiple homes in contract via virtual tours, so no worries! We have high expectations for our clients, and will measure, and search every nook and cranny.. we GOT YOU!
2. How can I stay safe while visiting homes? – Everyone’s health has to be the priority; this includes the buyers, sellers, and agents. We will provide gloves and hand sanitizer for you, and will keep our safe distance. During the tour, we suggest designating one person to open doors, drawers, and closets and use disposable gloves during the showing. This should be a fun and exciting experience, so have no fear, we are amateur jokesters, your biggest cheerleaders, and provide an honest opinion that only your mother-in-law would appreciate.
3. What happens if I lose my job during the escrow period? – To start, we hope this doesn’t happen, but if it does, we will FaceTime you with cocktails and support, and listen, we will suggest options and have your lender work their butt off to find any other option possible to help.
Most real estate contracts include a contingency that protects the buyer in the event they can’t get final loan approval and close the loan. Typically during the process, this contingency is removed after a set time frame, or after receiving the loan approval. If your financial loan can not be completed due to furlough or loss of job, there would be no penalty to the Buyer.
4. Will I still have access to the home during the escrow period? – Yup, I mean we are about to cross the finish line, and you need those measurements for that massive Ikea order, we get that, and are happy to help with those answers or meet you for a walkthrough. It’s very common for the buyer to have easy access to the home during the escrow period; home inspections and appraisals are common reasons to visit the home during escrow.
5. Will I get a better deal if I wait to buy a new home? – We all know there’s no crystal ball, (hey, whatever happened to Miss Cleo… ) but with everything that’s going on, sellers on the market should be very motivated to sell. We are still showing and listing homes on the daily. There are also historically low-interest rates on home loans. There is no way to predict the future, so if the right home comes along, it makes sense to consider it.
The COVID-19 outbreak is causing some uncertainty among home buyers, sellers, and even agents. However, with the use of technology and following best practices, you can still find the home you’ve been waiting for during this time. In the meantime, we will tune in with Dr. Acton and Governor DeWine each day at 2PM!
The Columbus market was ranked 7th hottest market in the nation for March, and 38% of new listings are going into contract in the 7 days! Columbus is still booming, and we are here for it!
Written by Lauren Lucas and Jennifer Kessel-White of the LKW Home Team, Keller Williams Classic Properties. We are ready to get the drill out and post the for sale sign in your front yard, or bring the gloves and sanitizer and/or virtual tour to you so you don’t have to leave the comfort of your own home. Call us at 614-321-9262 or email us at lkwhometeam@gmail.com
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