We are all feeling a level of uncertainty as the COVID-19/coronavirus has impacted our daily lives, with most of you working from home now, with students at home due to school closings, and with most of us making limited grocery store runs to stock up on essentials. 

First and foremost, let’s do our part to keep our communities and families safe and well. Maybe you can help a neighbor or family member by picking up groceries. Also be mindful that sending an email, text or phone call is being helpful during this time of social distancing to help stay connected with your loved ones and your community.

In addition to any health concerns, the coronavirus will have an impact on our financial lives, including our real estate decisions. I wanted to give you some information that could help you at this time. Since the situation is evolving and likely will continue to change as time goes on, I plan to update you as needed through my enewsletter. However, never hesitate to contact me at any time with your questions or concerns.

As Always, I Am Here to Help You

I have been selling real estate since 2004. I’ve helped clients buy and sell in DC, Maryland, and Virginia during the best of times as well as during several dips, and a recession.  My recommendations and strategies change based on how the market is performing, my client’s goals, and their financial capabilities. 

During my 16 years of helping clients make the best real estate decisions possible, one of my core values is that buying or selling a home is the right decision when it’s right for you and your circumstances. I carefully assess what the local real estate market is doing along with the direction it’s trending, and I pair that with what my clients tell me about their life and financial goals.

There is not a one size fits all, “yes, you should buy or sell now!” response, even when the market is booming, and especially in times of volatility and uncertainty.  Sometimes, the best advice is “now is not the best time to buy or sell a home”.

Recommendations for Buyers, Sellers, and Homeowners

The recommendations below are based on today’s current situation (March 25, 2020) and it will most definitely change.  I am proactively reaching out to clients to make sure they have a plan for moving forward, including how to take precautions at this time during their search or listing.

Mortgage Relief: If you are unable to pay your mortgage for any reason due to the coronavirus and its financial effect, you can ask for mortgage relief from your mortgage servicer. Let me know how I can help or if you have any questions. 

Stock Market Volatility: News of the spreading coronavirus has caused the stock market to decline, causing record-low mortgage rates as well as wide swings in the rates over the last week or two.  The lenders I am talking to all say the same thing—interest rates are very volatile right now.  One day we are seeing historical lows, the next day they are back up again.  Continue to expect volatility in interest rates, while still experiencing historic lows.

What does this mean for homeowners and/or homebuyers?

·      If you own a home, as I referenced in my last post: “Should You Refinance?“, it might be worth contacting a lender to discuss refinancing to get a lower rate.  This could save you hundreds of dollars a month and thousands over time.  If you need a referral to a lender to discuss a refinance please contact me and I can provide you with a list of lenders to contact.   

·      If you are a buyer, the lower rates can make it more affordable to purchase a home. However, many sellers may be holding off listing their homes. As of last weekend, many open houses are now being held as virtual tours for those listings on the market or coming on the market to help stop the spread of the virus. I’m offering virtual tours as well for buyers to help limit the traffic for showings for all parties involved. I am here to help you navigate the current market and take any necessary precautions if you want to pursue buying a new home.

·               The volatility of the stock market could affect your portfolio and finances in turn affecting your plan to purchase a home or sell your home in the coming year.  I understand if there is some hesitancy on your part but I am here to help you determine a plan if you want to make it happen.  Timing will be critical and we can discuss my recommendations based on your particular situation, so please reach out to schedule a call or in-person meeting.

·               Whether you’re a homeowner, buyer or seller, I want to offer some reassurance about the economic strength of the DC metro area. As we’ve experienced in the past, Washington, DC leads the nation in continued economic growth, even during times in a recession.  We are always one of the strongest local economies in the nation; and even through the worst real estate market in history, we fared well compared to other cities.

Here’s real estate reporter; Jeff Clabaugh’s article in Monday’s WTOP regarding his assessment of the effect of the coronavirus on the local real estate market.

Looking Forward and Being Prepared

The news is changing daily on the coronavirus, and its effect on our local real estate market could fluctuate in the coming weeks. I will continue to monitor the situation and its impact on the real estate market. I will do my best to keep you updated but don’t hesitate to reach out to me at any time.

Life is always full of uncertainties but if you have certain goals or even upcoming life events that are prompting you to buy or sell a home in the coming months or year, I’m here to help you come up with a plan to fit your needs. 

Even in the worst real estate market in history during the mid-2000s, my clients successfully bought and sold, and prospered greatly.  Being prepared is essential no matter what, and together we can create a strategy that will work with your schedule and budget, and consider any financial changes to your portfolio.  It’s about making smart decisions, timed correctly, and accomplishing your goals.

Understandably, some things can’t be delayed in life — people will continue to have babies, get married, relocate, or retire — and I am here to help you make the best real estate decision for you and your unique situation.

Now more than ever, you need to align yourself with a professional who has weathered these kinds of economic storms in the past and has not just survived, but thrived and helped clients do the same.  That is who I am and will continue to be for you.