Click on the Video below to hear Dave Danforth disuss oiur COVID-19 response and how we are here to serve you.
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Brokers were temporarily on the sidelines due to the Stay at Home order allowing only those brokers with contracts pending able to work to satisfy buyers and sellers obligations. This was later revised to allow showings, inspections, etc, with strict restrictions in place. Only two persons in a home (including broker), No Open Houses, work remote if possible, to name a few. The result of this was some sellers pulling homes off market, particularly occupied homes. Other sellers rushed to market. Buyers thought they had hit the jackpot and came out in droves, looking for bargains. The result is a continued strong market, for sellers and a continued frustrating market for buyers. Cash deals, over asking offers and short market times are still occurring, particularly in strong markets like Bellevue. Although the full extent of this will not be determined until Aprils numbers are in, but I expect volumes down slightly but those deals that do happen will be at or near asking with short Days on Market.
Going forward, as restrictions relax and people return to work, expect a flood of both houses and buyers to occur. Sellers will need to be extra sharp going forward and use brokers who use 3-D virtual tours, high quality pictures and are prepared to go the extra mile in service. Buyers need to be extra prepared, have financing pre-underwritten and use a broker who is adept at buying in a virtual world. My experience at buying homeS sight unseen during the foreclosure crisis has given me this skill.
Call or email to schedule a virtual meeting with Kurt Kreager by clicking these links : Kurt@kurtkreager.com 425-829-4270
Real estate has not been immune to the challenges we all are facing from COVID-19. While sales and listings are continuing to occur, recent data shows volumes are down significantly, mostly in listing volume. In some ways this will further reduce inventory, already challenging to buyers, but the off-set of a reduction of buyers will temper any price increase. The reduced number of buyers may in fact impair prices downward. The good news is that anyone out trying to buy right now, in a virtual world, is serious. Below find my take-aways on where we are & where we might be heading:
Any listing currently under contract is allowed to close. Brokers, inspectors, appraisers, mortgage professionals are all allowed to do what is takes to fulfill contracts, with proper distancing, remote meetings, etc.
Moving companies can now move people to fulfill contract obligations, protect jobs or finances, & public safety.
Agents can list properties, tour properties, write offers, etc. providing that as much as possible is done remotely, & safe distancing on-site is followed.
Listing volume is down significantly the last week after spiking because of the impending shut down. I expect list volume to increase significantly as restrictions are lifted for 3 reasons:
delayed spring surge.
Sellers / investors on the fence till now, feeling a sense of urgency to take advantage of high prices and the fear of an unknown future.
Struggling homeowners & landlords affected negatively by COVID-19 selling to avoid even larger problems.
Prices & interest rates:
Prices will fall due to increased inventory (see above), plus fewer qualified buyers out looking. This will begin to show this month as inventory rises, buyers disappear, & mortgages become harder to get.
Interest rates will rise as lenders increase their ‘risk premium’ amid an uncertain future.
Mortgages will become harder to get as underwriting standards are tightened up.
Need help with your real estate?? Give me a call or send an email, we can do a virtual meeting to discuss all your real estate needs.