Are These Homebuying Concerns During Coronavirus Valid?
Were you planning on buying or selling a home this summer but now are re-thinking it due to coronavirus? Are these concerns warranted or are they based more on best guesses than reality?
Facing a pandemic causes a lot of questions and possible concerns when buying or selling a home. From social distancing measures put in place to economic uncertainty with the future, what concerns are valid and what is merely creating confusion when considering buying a home?
If you are waiting for everything to stabilize, that could be a wise decision for you. On the other hand, don’t overlook the possibility that the Triangle market prices will continue to rise. So far prices have continued to go up, therefore make sure you aren’t waiting to only pay more later when you didn’t need to. Be realistic about your situation, but if you’re only holding back because of hearsay, don’t listen to it.
The mortgage rates are low but so is the inventory. How can you determine if this is the right time to look for a home? Giving yourself ample time now to look may allow you to find the right home instead of putting it off until later and racing against the clock.
Are you putting off listing your home on the market until things go “back to normal”? The problem is, we don’t know when that will be or what that will look like. Instead of letting fear take over, realize that this may still be a good opportunity to sell your home. A lot of people are looking to buy right now, so list your home if it’s the right time for you.
Listen to the full episode or click on the timestamps below to hear common coronavirus-related concerns when it comes to buying or selling a home.
1:20 - “I’m going to stop looking for a home until everything stabilizes.”
2:54 - “Interest rates are low, but will they go lower?”
3:56 - “I probably won’t be able to find my ideal home while inventory is low.”
6:04 - “I’ll put off selling until life goes back to normal.”
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Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...
Speaker 1: (00:02)
It's time for the savvy real tour podcast. I'm Walter [inaudible] alongside Angie Cole, the owner and broker in charge of a coal Realty serving you throughout the triangle, teaching you about the ins and outs. When it comes to buying or selling a home, you can find the team online by going to eight Cole realty.com. That's a C O L E realty.com or by calling (919) 578-3128 that's (919) 578-3128. And now it's time for one of the top realtors in the triangle, Angie Cole and the savvy realtor podcast. Angie, despite numbers still being up in our area right now, which is certainly good news amidst. A lot of the bad news that we've been hearing about lately. I still hear from a lot of folks that they are, I guess, in ways, kind of stuck in their tracks when it comes to buying or selling. Right now, you mentioned the uncertainty that led to an initial dip in the real estate market.
Speaker 1: (00:58)
When all this first started to happen in those stay at home orders got into place. And I think now people are using certain excuses to maybe stay paralyzed a little bit when it comes to these kinds of things. I wanted to address a couple of concerns that folks might have right now and what the consequences are of those concerns and maybe how you would advise people in these different situations. That sound good. Yeah, that sounds great. Okay. So let's say somebody, I heard, I heard this recently from a friend. They said, you know what things are just so volatile recently, I'm just going to stop looking for a home until everything stabilizes again. Now looking for stability in itself, isn't necessarily a bad thing, but are there some consequences that could come from that?
Speaker 2: (01:35)
No, I would say the only consequences that could come from it are here in our market. The prices are continuing to rise, right? Um, we have, are not being affected from the pandemic prices are not plummeting. Uh, they're only plummeting up. And so, you know, I would say the, the worst case scenario you might get in a would be that you're paying more for a home if you're waiting versus buying now. And of course, none of us know what could eventually happen in with the, uh, the rates, uh, with a mortgage rates. So all the, the very low right now, you know, if they even go up 1%, that's a huge difference in your buying power. So we know the current state of the market, we just don't know what the future holds, but, you know, I want to be sensitive to that subject too, because we're all in different, you know, situations, we're all dealing with this differently.
Speaker 2: (02:22)
You know, some of us are affected you as far as, you know, job wise and maybe, or not making the same income that we were making previously. So maybe you're not in a position to buy now. Um, and I, you know, understand that. I appreciate that. And we will just continue to keep in touch with you when the time is. Right. So, um, you know, I, I guess advise people if you're only holding back because of all this hearsay, don't listen to it. You know, the, the, you know, the news and, you know, social media and all that can be a bad thing sometimes. And this is one of those cases.
Speaker 1: (02:54)
Well, you mentioned the interest rates. That was another point I had written down. I had a family member, uh, not in our local area, but I think there's still, certainly would apply. You know, they said interest rates are really low. So we're thinking right now, now might be a time to buy. But at the same time, we kind of want to wait for, to see if they'll go even lower. You know, they're like, we're getting a little greedy maybe, but we're hearing that they're going to go lower, but at the same time, they're concerned it could go up. And so for their situation, it's not so much like the volatility is scaring them, but just like trying to make the right choice of the up or down and get that timing, right. That uncertainty they're kind of paralyzing them on the mortgage side of the process. Not so much the home buying side.
Speaker 2: (03:31)
Yeah. And, you know, having a great lender in your, you know, in your court is what's important there too. You know, I know our lender has reached out many times, said, Hey, just want to let you know, I went ahead and walked in these people. And if I need to, I can do, you know, a free buydown, um, should the rates drop again, but you know, they're watching out and they're watching the market to make sure that they are getting our clients the lowest rate possible.
Speaker 1: (03:55)
Yeah. That's a great point as well. Now I've also heard some concerns, Angie of people wondering about inventory, and it's funny how one of these concerns sort of explains the other concerns, right? And this is a good example of that. You know, I've heard folks worry that, you know, there aren't a lot of homes for sale on the market right now. And so maybe it's not a great time to buy because I probably won't be able to find my ideal home. There's hardly anything out there. So how am I going to find something that fits my needs for a good price? But that goes back to the very first one, we talked about the volatility and what happens if you wait to buy, it may get a smaller and smaller pool for you
Speaker 2: (04:29)
there. I mean, there could be one home on the market. It could be the perfect home for you. There could be a thousand homes on the market and none of them fit your needs. So, um, yes, you know, I would say that the overall inventory is down a little bit, right. Just because there are more concerned sellers in the market than what we had before this, you know, pandemic, but there's still a lot of homes out there that are active on the market. So, you know, my suggestion would be start that search now. And if there's nothing that catches your eye, you know, what you have time, but I would rather, you start looking now and give yourself some time versus waiting to maybe you're then on a time crunch and you're forced to, you know, purchase a home that you just don't love. So yes, you know, inventory levels are down. So it might take a little bit longer to find that perfect home. Um, but it's never too soon to start. You know, that conversation is start that home search.
Speaker 1: (05:19)
That's a great point, Angie. And if you are thinking about buying a home in the near future, um, it might be a great idea to pick up Angie Kohl's home buying guide, a guide that teaches you the process of buying a home, the important terminology that you need to know and the steps of the process. Great for first time home buyers, or if it's just been a while, since you've bought a home and need to be reminded of those things, and you want it all in one easy to read and understand guide, you can get that for free from your smartphone right now, by texting the word contract to the number five, five, five, eight, eight, eight, again, text the word contract to the number five, five, five, eight, eight, eight to access that home buying guide that Angie and her team have put together for you.
Speaker 1: (05:59)
One more time, just text the word contract to the number five, five, five, eight, eight, eight, one other little example here. Angie is well, um, I had somebody tell me the other day, you know, since no one is going to want to look at my home, I'll just put off selling until life goes back to normal. The problem there is we don't know really when that's going to be. I mean, we're making steps, obviously toward opening things back up, but we don't know if it's going to go back to normal or where we have a second wave. We've got to worry about and more lockdowns in the future. Again, that uncertainty there's a lot of it right now. So waiting for normalcy, that could be a long time off.
Speaker 2: (06:33)
Well, to me, it was more of the, the first part of that statement since no one is going to look at my home. Where's that coming from? Um, I mean, we are flooded with buyers right now, you know, actually most of our, not most of our sales, but, um, we helped 40 people go under contract in April and out of those 40, I would say probably about 70 to 80% of those were actually buyers. Um, we were very buyer heavy. And so that means there are a lot of buyers that are out there and in the market, you know, trying to break down the doors to get in, to view properties. So, um, you know, I don't want you to be concerned that no one will want to look at your home. So you should just put this off because there are a lot of buyers in our market that need to buy a home right now.
Speaker 2: (07:17)
So it is not a bad time to sell. It's actually an awesome time. We're still getting multiple offers on a lot of our listings, you know, with the low inventory prices or be driven up. But like you said, um, you know, Walter, you know, when none of us know exactly when things will ever get back to normal or if it will a hundred percent get back to normal, you know, I think, um, with the pandemic, I think a lot of things will change, you know, going into the future. Um, I don't think you'll ever be back to a hundred percent of how it was and what February or so, you know, I think there'll be just some changes in the environment, you know, moving forward. So, but would that be instead with the housing market? I mean, like I said, here in the triangle, you know, we service a triangle, the fateful area, we are still selling homes. So don't let this fear, this fear, um, you know, take over you. Um, if you are thinking about getting your home sold,
Speaker 1: (08:07)
that's a great point. There's a lot to kind of evaluate and consider there in that one statement. You're exactly right. I was keying in kind of on the life going back to normal part, but you picked up on the fact that there are still a lot of people out there looking for homes right now. So I don't think that you're gonna put your home on the market and there's just gonna be crickets. There's still a lot of people out looking, whether it be virtually or in person. Uh, there's still a lot of people that are in that process. So don't be afraid right now to sell your home and list it. If it's the right time for you in your life. If you want to find out more about selling your home and even find out the potential value of your home, that's another tool that Angie and her team offer each week here on the program. Angie, it's as simple as a few clicks of a button on the smartphone and you can find out your home value, right?
Speaker 2: (08:49)
Yeah, most definitely. I'm super easy. And you know, that's a lot of times the first ways that we connect with our clients is by using this tool. So if you are thinking about selling your home and you want to get an idea of what your home is worth in today's market, just text the word, listing to the phone number five, five, five, eight, eight, eight. And from there, we will send you back a text with the link, make sure that you click that link and you input your address. And from there, we can give you an idea of what your home is worth. So once again, thinking about selling your home and you want to get an idea of what your home is worth in today's market. Just text the word, listing to the phone number five, five, five, eight, eight, eight.
Speaker 1: (09:29)
You've been listening to the savvy real tour podcast. I'm Walter store Holt alongside Angie Cole. She's the owner and broker in charge of eight Cole Realty here in the triangle. And if you have questions for Angie, we invite you to go online to H Cole realty.com. Listen to past podcast episodes on the website, read the blog and all the great information, including the option to find a home right there on the website. That's a Cole realty.com. And you can also call Angie with your questions. (919) 578-3128.
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