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The Coronavirus has changed the way we live and work right now. From hand washing to home schooling, we’ve been forced to get creative and find new ways to do business during this uneasy time.
We’ve been getting a lot of questions about how the real estate industry will be affected by the current Shelter In Place orders and what it means for home buyers and sellers.
Premier Valley Realty Owner/Broker Brian Domingos Jr. recently sat down to answer some of our frequently asked questions.
Q: What’s happening to my home value?
A: “Currently, home values are holding strong as our market “freezes”. Activity has slowed due to the shelter in place Order. However, it is anticipated that the low inventory, a problem compounded by our current situation, will drive a quick rebound as buyer demand remains very strong.”
Q: Can I still buy a home right now? How does that work with Shelter in Place?
A: “Yes, currently you can still buy a home. Lenders, escrow companies and the county recorder’s office is still open and processing escrows. The current challenge, for both buyers and sellers, is that in-person contact is not allowed. This means showings and open houses are prohibited but buyers can view properties virtually.”
Q: Do you the market going to crash?
A: “Currently there is no indication that the market is going to crash.”
Q: What does the future of real estate look like?
A: “The future of real estate is bright. Both buyers and sellers should take this time to get themselves in the best possible position to buy or sell once the Shelter in Place order is removed. For buyers, that means compiling financial information, turning in a loan application and saving cash. For sellers it means, start the projects that will increase your home’s appeal. Plant flowers, freshen up the paint and start de-cluttering.”
