Mailbag: Coronavirus Edition
Thinking about buying or selling a home this year but now reevaluating due to the coronavirus? How quick could you get your home on the market right now? Angie answers four questions from the mailbag, all related to real estate in times of coronavirus.
Coronavirus has brought up a lot of new situations and questions as we face this new reality. What does it mean when it comes to buying or selling a home in the midst of coronavirus? On this episode of the Savvy Realtor podcast, Angie answers four questions from the mailbag.
Amber in Raleigh wants to know if it’s still a good time to invest in rental properties. While coronavirus has changed some things, people are still buying homes. It’s never a bad time to invest in real estate and put those homes in your portfolio.
Stacy in Cary needs to sell their home and is looking for a new agent. How fast can Angie’s team get a home on the market, even during the coronavirus? Angie shares about a home she got on the market with three offers and under contract in less than a week! If you are ready to go, reach out to Angie to find out what your home is worth in today’s market.
Peter in Holly Springs wonders if the cost related to buying a home will change due to coronavirus. Will things like commissions or attorney fees potentially be increased or decreased? Angie talks about interest rates being more volatile but hasn’t seen fee changes yet.
Petra in Fuquay-Varina is worried that the price of her home will take a big hit if they try to sell it later on this year. How can comparables be pulled if your neighbors aren’t selling their homes? Angie talks about why this is different than the market in 2007-2008.
Listen to the full episode or click on the timestamps below to hear Angie answer these questions from the mailbag.
0:42 - Mailbag: Is it still worth investing in rental properties?
1:34 - Rental rates are rising.
2:34 - Mailbag: How quickly can your team get our house on the market?
6:02 - Mailbag: Will homebuying costs change due to coronavirus?
8:14 - Mailbag: Will the housing market collapse?
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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 Storholt alongside Angie Cole, the owner and broker in charge of a co 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 nine one nine five seven eight three one two a that's (919) 578-3128 and now it's time for one of the top realtors in the triangle, Angie Cole and the savvy real tour podcast. It's time to open up the mailbag and answer some questions from local listeners here. Angie, the first one comes to us from Amber in Raleigh. Amber says, do you still think it's a good time to invest in rental properties right now? Yeah, I mean there's no reason not to. Um, right now in the triangle market, we are still in a very strong market right now.
Speaker 1: (00:58)
Um, I'm getting calls every day from clients asking how we're being affected by the coronavirus. And honestly, I mean, I would say showings can be down just a tad bit, but homes are still selling, so it's never a bad time to invest in real estate to, you know, put those homes in your portfolio, get them rented. That is a no brainer. So it's a great time to invest in a property that will be used for rental. Yeah, it's a, I mean, people still need homes to live in and to rent in and it's going to continue to be that way. So most definitely, I don't think the coronavirus has really changed that a whole lot and rent rates actually are on the rise too. Just like cutting values or appreciating the rental rates are as well. Honestly, I've seen a lot of homes where the lease amount, the rent amount is more than what the mortgage, you could qualify for a mortgage.
Speaker 1: (01:49)
So you know, these landlords or investors are actually getting top dollar in lease amounts. Yeah. That's one of the things that got me into the, uh, into the buying world back in 2012 was I started looking at what it would take to, to rent a, a small home or you know, a good sized apartment, you know, kind of upgrading from sort of the, the college apartment days and uh, and the prices were such that it was like, well, I'll just go buy a house. Yeah, yeah, exactly. Kind of a, at that point again, it seems like between the two, which is interesting. Yes. It's always an ebb and flow between those. But uh, yeah, if you've been wanting to get into the rental property arena, Amber's certainly no difference, you know, really now to get into it as well. So that's still a great move to make. Great question. Uh, I've got another one here from Stacy. Stacy is over in Carey and says, we need to sell our home, but our old agent has decided to stop her business during the coronavirus pandemic. So we're in need of a new agent. How fast are we able to get a house on the market right now if we work with your team? Interesting. I don't know why someone would completely stop their business. Right. There's so many things that we can do working from home and to continue our business, making those calls and making those
Speaker 2: (03:00)
touches. But anyways,
Speaker 1: (03:01)
I suppose it could be a friend who sells a couple of homes a year, you know, maybe a smaller neighborhood agent who's just like, ah, I don't want to interact. Maybe. I mean, I'm just guessing.
Speaker 2: (03:09)
Yeah, well a Cole Realty, we're still working. We are, yeah, we're, we're still working away. But as far as getting a home on the market, I actually, was it two weeks ago, I met with a lady on Wednesday. We had pictures and went live on Friday. I had her home under contract by Sunday with three offers and I can't disclose what the price is right now, but she is really, really happy. So I can have your home on the market in less than a week. So you let me know and we will go, go, go. And we can get your home on the market super, super fast. Now remember, I don't want anyone to feel like you're rushed. Um, I'm always on your timeline. I actually, it sounds like, yeah. Yeah, we have, I have one client who actually is under contract. They wanted to contract this past week and I originally met with them.
Speaker 2: (04:01)
It was either four or five years ago and they kept saying, you know what, we're ready Angie. Nope, we're waiting. We're already engineered. We're waiting. And finally they called me. I love them. They're there. They uh, they said, okay, we're really ready and we promise we are because we're already under contract to buy another home. So like we have to do this. I said, okay, but that just goes to show you, we can go, go, go, you know, as quick as you want or slows you want as well. But you know, I'm assuming, you know, when you are considering selling your home, you probably want to get an idea of what your home is worth. And we have a really cool tool on our smart phones that we can share with you. And 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 a text. Make sure that you click the link and input your address. We of course we need your address. And from there we can give you an idea of what your home is worth. So once again, if you're 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: (05:07)
that's all it takes. A simple text, the word is listing, send it to the number five five five eight eight eight we'll text you right back with a link that you click on and put it in your home info and you'll get that estimated home value. If you were to sell in today's market, what would that look like? That's the question that you can have answered. Great starting point for a lot of sellers, just text the word listing to the number five, five, five, eight, eight eight and be sure to follow the instructions from there. And we'll definitely have, um, you know, a really good leg up to get that process started with Angie and the Cole Realty team. So if you're curious, what would my home, you know, sell for potentially in today's market? Get an initial estimate quickly at your fingertips right now. Text the word listing to the number five, five, five, eight, eight, eight only takes a couple of seconds to fill out the information. And, uh, like many do each and every week here on the show, it's a great way to get the process underway. Peter is over in Holly Springs and says, do you think the costs related to buying a home are going to change with the coronavirus changes that are happening? I'm just curious because we're seeing, you know, increases in prices of other things in the world. So are there going to be increases or maybe decreases in commissions, attorney fees, et cetera, because everybody's adjusting to this new world. There may be new or decreased costs from all?
Speaker 2: (06:29)
That's a great question. And honestly I haven't had that question yet. You know, I do not foresee that there's going to be an increase or change in cost of buying from attorney fees or lender fees of anything of that sort. The only thing that I guess has been a little volatile right now, um, and that could change would be interest rates and of course interest rates, a change of interest rate changes your mortgage payment, right? So, but the cost of the home inspector, you know, the appraisal report, all of that. I haven't seen anyone increase yet, so I don't think that's going to happen and I hope not. Um, but the only thing I feel like that could change, um, or charge or cost you more would be if there's an increase in interest rates, which right now they're still super, super low, but if there is an increase in interest rates, of course that's going to change, you know, an increase your mortgage payment.
Speaker 1: (07:24)
Yeah. I think it's one of those things where, uh, by the time, I mean if this thing goes on for, if this were to go on for years, let's say, I mean, obviously that would be, there's no way that that can happen. I mean, economy can't stand that. But if it did, then maybe this would be an interesting conversation because yeah, you guys as agents would have to maybe be using all sorts of new expensive technologies and over a long period of time that might need to lead to adjustments and compensation. And it may be the same thing for attorneys and other folks who have to go more remote. Now going more remote could also mean people use less, uh, you know, less office space and don't have rent. And maybe it could lower costs in some in some ways, but the timeline for all of those things to kick in seems like it would take a while.
Speaker 1: (08:08)
So I don't think in the near term that's gonna it doesn't seem like that's gonna greatly affect anything in the short term. One more question to wrap up the week here, Angie. This one comes to us from Petra over in Fuco, Varina. Petra says, I'm worried the price of my home is taking a big hit because of the pandemic. We were thinking about selling later this year, but now I'm terrified of the market collapsing since our neighbors aren't selling. How can we get a good read on what my home is worth? That brings up a great point, Angie. Just to extend on Petrus question, you know, I know with like, uh, you use comparables in those kinds of things to determine home prices, but when the inventory is so low, doesn't it then get harder and harder to draft those comparables and come up with for the price
Speaker 2: (08:49)
that yeah, that you're exactly right. It does. So maybe we need to spend a little bit more time on. But for the most part, for most homes it's actually fairly easy for me to pull comparables. Um, there seems to be enough sales in their surrounding areas to give us an idea of where we need to put that new home in regards to pricing. So, um, you know, I know Petra mentioned, she's concerned about what the pandemic that uh, there might be the market collapsing. I do not foresee it happening in any way. There are so many articles actually out there right now, um, that you know, will tell you this is not like the market crash that we had, you know, back in, you know, 2007, 2008, it's not the same thing. And actually here in the triangle, homes are still appreciating because we are in such a strong seller's market, inventory is still so low. It's all about supply and demand. And so we are just seeing values continue to go up. So I don't foresee the market crashing in any way. Um, I do not see prices going down anytime soon. So now is the time to buy because honestly, you buy now and you're going to be able to, you know, take advantage of that appreciation that is happening within our market.
Speaker 1: (10:03)
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