Buy Now or Wait Until Coronavirus Is Over?
With the new safety concerns and government orders, what is possible when it comes to real estate? Can you still buy or sell a home during these times? Let's get the latest from Angie Cole.
Whether you are looking to buy a home now or wondering what your options may be after the coronavirus, Angie answers four questions from the mailbag today.
Avery in Raleigh wants to hear about an example of when it makes sense to do a traditional sale vs. an instant offer for their home. Angie explains the different pros and cons between the two options. In light of coronavirus, it’s worth noting that iBuyer companies have stopped purchasing. It’s worth getting a realtor into your home to give you feedback on what needs to be done and compare numbers to determine what a worthwhile option for you may be.
Due to stay-at-home orders, everyone who can is working from home now! It’s causing many people to need a home office. Alyssa wants to know how fast she might be able to move even during coronavirus. Are people buying and selling homes? Are movers still working? Angie explains some of the ins and outs of what is currently allowed in real estate.
Britt wants to buy a house that will serve them best in 4-5 years, whereas his wife doesn’t feel like they need a big house yet and can upgrade later. What does Angie think? Consider the costs of a small house vs. a larger house. But also make sure you’ll be in the home long enough for it to appreciate.
Tabitha in Cary wonders if she should wait this coronavirus out in hopes that it will bring home prices down in a few months. Is that a bad idea? None of us can foresee the future. Angie wants to remind you that the inventory is low and this time period could make the inventory go lower.
Listen to the full episode or click on the timestamps to hear Angie’s answers to this week’s questions from the mailbag.
0:37 - Mailbag: When should you do a traditional sale and when should you do an instant offer?
3:26 - Does Angie and her team still offer instant offers?
4:31 - Mailbag: How fast can you move right now during coronavirus stay-at-home orders?
8:00 - Mailbag: Should you buy the home that fits your situation now or one you anticipate a few years from now?
13:29 - Mailbag: Is it worth waiting a few months until after the coronavirus in hopes of home prices dropping?
16:21 - Let Angie know how her team can be of service to you, especially in these trying times.
Get In Touch:
Angie Cole - Contact - Call: 919-538-6477
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 Showalter alongside Angie Cole, the owner and broker in charge of a Cole 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 real tours in the triangle. Angie Cole and the savvy real tour podcast. Our first question from a listener of the week, and she comes to us from Avery in Raleigh. Avery says, can you give me an example of someone who it made sense for them to list their home the traditional way versus someone who it made sense for them to use the instant offer style of selling a home. We're just trying to see what might be the [inaudible].
Speaker 2: (00:59)
Yeah, Avery, that's a great question. You know, so the positive about the traditional way is you're going to net more. So that means more money in your pocket, which I know everyone prefers. So as long as you are okay with allowing showings, you know, you're, you're okay with taking our advice on staging, allowing a photographer to come through, allowing showings, we will get you top dollar. So, you know, some people prefer the instant offer option, you know, over the, uh, you know, the traditional sale because of the convenience and you know, not worrying about being bothered, but it is proven that you will net more money if you allow the traditional route. And just to give you an update with everything happening with the Corona virus, all of those third party I buyers have completely stopped. So the Zillows, the open doors, you know, all of those companies, they have stopped purchasing, uh, for the time being.
Speaker 2: (01:59)
So, you know, I, buyers on that end don't even exist right now. But no matter what, you know, we want what's most convenient for you. But we always highly suggest you at least listen to us and allow us to talk about the traditional sale route. Because a lot of times it's, I think it's the idea of selling that freaks people out. Um, for example, one of our clients and Melissa and Clayton, when we first initially started speaking with her, she immediately said, no, no, no. Just want to cash off or want to be done with this. You know, I know there's too much work to be done to my home with there being dogs in my home. But then when, once we went out there, we were like, wait a minute, Melissa, your home's adorable. Always suggest is we just repaint and that's it. Like, and she just thought she would have to dump so much money into our home to get it show ready, but that wasn't the case. So allow us to come into your home, do a consultation with you and give you feedback on what truly needs to be done. You know, allow us to explain our marketing to you and just the process in general. And also compare numbers for
Speaker 1: (03:00)
you. Show you what it looks like from a net standpoint with doing a traditional sale. It's just interesting that, um, you know, the, those I buyers come in, came into the community, kind of swept through like a, like a storm, and then they just like, oops, okay, now that's no longer an option for you and just kind of pull out of the market like that. So, so quickly. Yup. Yup. Uh, wow. Okay. So that's eventually, yeah, they might, you know, come back, but as of right now, they all stopped. Interesting. So I know that you had recently launched your own, you know, uh, instant offer type situation for folks. Are you still providing that service, the listing? You know, of course we're being, um, we're being cautious on, you know, what homes we will and will not buy. But you know, that's definitely still open for conversation and so we definitely still have those two options of a traditional sale or the instant offer.
Speaker 1: (03:50)
So, uh, no matter what you're thinking might be the best route for you. We would love to still have that conversation. Okay. Very cool. Hopefully that helps you out there Avery. If you want to get more information about that, you can go to triangle rocket listing.com and you can put in your home's information there on the website and talk to Angie's team. Then about getting that offer on your home or going the traditional route as well. The nice thing about working with Angie's team is they can certainly talk to you about either option to see what is a fit for you, so your question is right up that alley Avery. Again, go to triangle rocket listing.com if you want to put it in your homes information and start the process on getting that instant offer as well as talking about the traditional route as well.
Speaker 1: (04:31)
All right, we've got a question here from Alyssa. Alyssa says, this might sound crazy, Angie in the middle of the Corona virus situation, but my husband and I must now both work from home and it's not going to work. We need to move right away and are in desperate need of a legitimate office space. How fast can we pull this off? Our movers still helping people get moved quickly and efficiently. And lastly, how easily can we search for homes that include a designated office space or even better at attached to room for such purposes? Sure. You know, and it's, it's not crazy. First of all, you know, we still have many buyers coming to us and needing to move for whatever reason it might be, you know, and sellers who need to list their homes. So, um, I completely get it and I understand the hiccups you're run into with you both working from home because I currently am working in my kitchen and that is not ideal.
Speaker 1: (05:22)
While I can just hear my husband right around the corner in his office and is about to drive me insane so I get it. But you know, we definitely can help you with buying a home. Um, I would love to chat with you about, you know, your criteria where you're looking is really important just because certain areas have been on lockdown. So we're limited to actual physical showings, but there's still definitely virtual showings. You know, we can show you pictures, we can have the sellers do video walkthroughs. You know, there's ways to go about still buying a home. As far as timeline goes though, again, it's on County
Speaker 2: (05:58)
per County basis. You know, if the County allows a recording and they are set up and designed to do that, we can still close your home. If a County is on lockdown and E recording is not in place for that County, we will be at a standstill. So, uh, based on the area that you're considering, we can give you some guidance there. Um, because there's not one way that's all. It's really County specific. Um, but the norm for a contract to close if is 30 days, if you're obtaining financing, uh, which lenders are still working, you know, appraisers are still out there. So I just feel like we really need to actually have a phone combo to help better understand your situation and how we can advise and assist you.
Speaker 1: (06:39)
Yeah, it's a really good question, Alyssa. And I think that it's one of these kinds of things that just, uh, we've got to stay nimble and on our toes and adjust to the things that are happening all around us. And you know, with you being in Durham, they're kind of the first local area to go under a more strict lockdown essentially, or a shelter in place type order. So you know, your experience may be a little bit different than somebody who's in a Carey or a Fayetteville or some other community. Um, so, and that's Angie's job, that's her team's job to then help you navigate those various waters that you're going to be in depending on your situation. But absolutely you can still get the ball rolling and start making things happen if you want to get the process started on selling your home, you can do one of two things.
Speaker 1: (07:19)
One ways to get directly in touch with Angie by calling or texting the number, (919) 538-6477 that's (919) 538-6477 or you can text the word listing to the number five five five eight eight eight and click on the link that we texted back to you and put in your home's information to get the process started as well. Just text the word listing to the number five five five eight eight eight putting your home's info, you'll get an instant estimate on your home's potential value, but you'll also get the opportunity to then be in touch with Angie and the team to talk a little bit more in depth about what you're looking to do. All you have to do is text the word listing to the number five five five eight eight eight. Our next question on the show. By the way, if you want to submit a question, go to a Cole realty.com comes to us from Brit and Brit is in wake forest and says, my wife and I are having an argument and gee, I want to buy a house that's going to serve us best in four to five years when theoretically we've had a child or two and maybe have added a dog with a family and all that jazz, but she doesn't see why two people need to move into a home now that has so much space.
Speaker 1: (08:27)
She wants to buy something small and then upgrade later on when we need it. What do you see work out best for folks on a similar trajectory as us?
Speaker 2: (08:35)
Oh, this sounds like a personal problem between in between husband and wife. You know, if theoretically you guys are thinking four to five years best and then you're ready to grow your family, you know, it actually might be smart to go ahead and get the larger home. And I'm only stating that because you have to be cautious of not living in home for enough time and then it doesn't appreciate. But you know, that's, I'm not going to side with either party. Um, that's up to you guys are really determined, you know, what is best for you guys. So what I would suggest is really writing out the pros and the cons of each situation. You know, maybe you decide that you want to go with a smaller home to save money. You know, maybe your mortgage payment will be way less going with a smaller home, a less expensive home versus the larger, probably more expensive home. Um, so really just weigh your options there. But the only thing I would caution you on is buying and then selling too quick because I just would want to make sure that the home has appreciated because it does cost to sell, right? So I would want to make sure that the homes appreciated in order for you to then move up into another home.
Speaker 1: (09:43)
Yeah, that's a great point. And the big difference too, if you're talking about starting the process of building that family in four to five years or by year four or five, you're already going to have the dog and the two kids and that kind of thing too. So, because essentially you're probably starting now that that might influence the decision too, but if you're four or five years away from even beginning the process of kind of establishing that family. Yeah. For me to answer, you're right in that zone of, of where it's not really kind of Angie, you don't have to look at it as a negative. It's a win win either way. Kind of like you're, you're far enough out to where you could buy a smaller home and then upgrade later and probably not be a huge deal, but you're also close enough to where it's not like you're moving in too soon before you've got the family in place.
Speaker 1: (10:31)
So it's not like, you know, if you were on a 10 year time horizon or something like that then it might be a different answer. But yeah, I think it's a win win. Either way. What's best for you and your family? We can definitely talk through it. That's right. It's a great question to ask. It's just sounds like it's something you guys need to work out yourselves a little bit more there. Keep keep talking about it. Cause I think the answer is going to be different depending on who you talk to. There's, there's, there is a similar trajectory but the answer is going to be different based on how those conversations go with other couples. So it's a w you've seen it work in both directions. Writing a G,
Speaker 2: (11:05)
um, I, I really have, I mean, and I feel like Brett, you and your wife are not the only ones that are dealing with this little bit of, you know, dispute. I would say a marital dispute and not being on the same page. We hear it all the time. You know, we also hear, well one once a master on the first floor, the other one, one, one wants it on the second floor because they plan to have kids and they want to be closer to the kids. So it, you know, we, we all have in our minds what's the best design, the best options, you know, when it comes to buying a home. And it's just, you know, really, like I said, writing it out, the pros and cons and getting on the same page.
Speaker 1: (11:37)
Yeah, we kind of went through something similar here. Britain. I mean, I guess we bought our first home expecting to only be in there for probably three to four years and we ended up staying exactly six years and now we've moved into the home that we're going to be ready to build a family in, but we still don't have, we have the dog part of it, but don't have the kid part of it yet. But we moved into this home on a, you know, two to three year trajectory of, of, you know, starting to have kids and being on that trajectory. So, um, you know, so kind of similar to you in that situation. That's what we did. We sort of did that, the, the temporary smaller house for about five years or so and then moved into the bigger ones. So maybe that
Speaker 2: (12:13)
and you guys got lucky with a Prius?
Speaker 1: (12:15)
We did. I mean the timing worked out great for us where we moved into that first home at the very bottom, you know, pretty, pretty much bottom of home prices and what, like 2012 I guess it was. So that definitely helped in, in our neighborhood in Durham where we were. It definitely had good appreciation over that time. So yeah, just uh, just be smart about it but be a very clear communicator with your spouse about it as well. One more question here. This one comes to us from Tabitha. Oh, by the way, Brit might be a great idea and anybody else who's thinking about buying a home was, it sounds like maybe you're a first time home buyer, Brit. Um, it would be a great idea to get the home buying process guide that Angie has put together for radio listeners. You can text the word contract to the number five five five, eight, eight eight will automatically text you back with a link to download that guide.
Speaker 1: (13:01)
It's that easy. All you have to do is text the word contract to the number five five five eight, eight, eight and that guide walks you through all the steps that you need to know when it comes to buying a home. The important terminology that's out there that you need to know to buy a home and just the entire process and what's detailed in that. So it's just a good reminder, it kind of a good little guide to get you started there in the buying process since you guys might be pretty close to that. Uh, just text the word contract to the number five five five eight eight eight. All right, one more question for the weekend. Just a Angie, Tabitha will take us out. Tabitha's and Carrie and says, I hear financial advisors talk a lot about the difficulty of timing the stock market, but what about real estate? I'm thinking of letting this whole Corona virus thing filter through, bring home prices way down and then buy low after prices have crashed in a few months. Is that a bad idea?
Speaker 2: (13:53)
I, I mean I think it's a great idea, but you know, none of us can foresee the future. Um, but I really do not foresee this being like a 2007, 2008 crash. Um, you know, we, and the reason being, first of all, we have such low inventory in our market and if anything, all of this Corona virus is going to make the levels of inventory even lower.
Speaker 1: (14:17)
And the lies of some laws of supply and demand start to open.
Speaker 2: (14:20)
Exactly. And you know, so you know, I do not foresee that the prices will start to go down. I could be wrong here, but I haven't seen it yet and I do not foresee it happening anytime soon and I don't know what it would take, I guess in the economy and just, you know, in the country across the board for that shift to happen. But I just don't see how in the triangle market with us being at an all time low with inventory and it will continue to drop how the prices will, you know, because there are still buyers out there in this market that are anxious to buy a home, excited to buy a home and you know, inventory will be bought up, bought up and we are still seeing multiple offers. And so that's driving prices up. So, you know, I see your mindset there, Tabitha, uh, with buying low super smart, hopefully, I mean, I don't want it to happen for our economy in general, right? I don't want there to be a crash, uh, with the real estate market and numbers and values there. But I just don't think that that's happening.
Speaker 1: (15:20)
Yeah. Well, the, in the 2007, 2008 crisis was specifically kind of a, you know, real estate mortgage problem. And this is not really solely on the back of the mortgage and real estate industry this time around with this particular issue. Um, certainly may get caught up and swept up in some of the craziness, but it's not the crux of the problem. Like it was back in 2007, 2008. So you know, that that level of crash was certainly a little bit more of a rare situation there. Tabitha. So yeah, I think just like the financial side, you're playing a beta of a dangerous game by trying to time the market. It's, it's a market just like the stock markets. So you have to be careful there. Um, you may not be in that position to benefit from lower home prices a couple of months from now. It's just all going to kind of dependent.
Speaker 1: (16:07)
It's hard to predict which direction things will go in. So it's a good question and something to think about. Um, certainly if prices do go down, you'll be able to take advantage of that, it sounds like. Um, but if not, you know, be prepared for that result as well. So, good question. Uh, any final thoughts on the show today, Angie? I know it's been kind of a weird couple of weeks for you adjusting and shifting to everything, but we're going to be here every weekend on the radio and we got the podcast, uh, look up for the savvy real tour podcast. If you want to stay in touch with the real estate market locally from week to week as we kind of walk through all these different things.
Speaker 2: (16:40)
No, I just want to send out a message to everyone. We actually have a message that was sent out to our whole database, which I mean, goodness, we have over 25,000 plus contacts in there, but we are of course a real estate team, um, and real estate professionals. But we just want to let you know our whole database, everyone who's listening, let you guys know that we're here to help. Um, and I mentioned in that video, you know, a lot of us, uh, or most of us, our kids are home from school. So doing either virtual learning or that means homeschooling for the parents and you know, maybe your kid needs assistance. Maybe it's something that you're not savvy with, you know, algebra or whatever it might be and you need some help. You know, we have so many contacts out there that reach out to us.
Speaker 2: (17:22)
If you need assistance, we can probably match you with someone who can help you out during this time of need. You know, maybe you are really, really quarantine to your home so far that you can't even go get your prescriptions from the drug store or you can't go get, you know, essentials that you need. You know, myself or our team, you know, we will assist you. We can help and go get those items for you and deliver them to your front steps. So let us know how we can be of help. We want to help our community. You know, we're not just again here for
Speaker 1: (17:50)
buying and selling homes. You know, we want to be of service to you guys. 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 Aiko Realty here in the triangle. And if you have questions for Angie, we invite you to go online to a 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