As the timeline of this crisis continues to be unknown the predictions for the market become more uncertain. If occupied properties can be safely shown by sometime in June the market should bounce back right where it left off. If restrictions stay in place and real estate cannot be back in full swing until the fall the effects on the market are a little uncertain. It is an election year with an unstable economy so how the fall market will respond is still not completely understood.
It is very important to keep in mind this slowdown in the market is not because of any type of housing crisis, this is not the same as the recession that hit us in 2008. We do not expect any large changes in home values throughout 2020. The Greater Boston area still has an extreme housing shortage and demand is still very high.
When selling a house many things happen well before that sign is placed on your lawn. Some people start the process almost a year before the house ever hits the market.
The first step when thinking of selling is always to have a market analysis done which explains what your home is currently worth and the costs involved in selling. Normally this is done in person but since that's not the safest option right now Joanne would be happy to tour your home virtually and then provide you with free electronic market analysis. As always this is a complimentary service and there is absolutely no obligation to sell.
If you decide to move forward, you can spend this time getting your home in show condition. Joanne provides all her clients with a personalized to-do list before they put their homes on the market. This list consists of all those little repairs and/or improvements you may want to complete prior to listing in order to get the most for your investment.
You may have realized in the last few weeks that your current home doesn’t quite work for you anymore and its time for a change.
Although inventory levels are far below normal levels for this time of year an influx of properties is expected as the stay-at-home restrictions are lifted and showings of occupied properties can safely begin again. As a buyer this influx or higher inventory level is what you need to be prepared for. Once the market let’s loose it's going to come on fast and furious and its important to be ready.
Typically, new buyers come into the office for a meeting to discuss what they are hoping to find. Since in-person meetings aren’t the best idea right now, Joanne is happy to chat on the phone, video conference call or email to get you started. She’ll explain the market, agency, the process and what one should expect when buying a house. Keep in mind just because it's not the best time for in-person visits of properties it doesn’t mean you have to sit and wait. Educating yourself about the process and what your money buys you in different areas are key parts of finding a home.
For some making a move just cannot be delayed. Know that real estate is considered an essential service and Joanne is here to help. Although far from ideal making a move now is possible. Many precautions for safely showing homes are in place included but not limited to private showings with protective gear as well as virtual showings to narrow down your search from the comfort of your home.
Know if you do decide to move forward with a purchase or sale, transactions have been far from smooth with delays in inspections and appraisals as well as mortgage commitments. By no means is it impossible to buy or sell right now but know you may need a little extra patience.