As I write this, DC is entering phase II of its coronavirus re-opening plan and life pre-COVID-19 seems simultaneously like it was yesterday and ages ago. While I definitely find myself on the cautious side of the “getting back to normal” spectrum, I have been able to help many clients navigate buying and selling homes during this pandemic.
This is what an open house on your home may look like…agent with a phone, gimbal and Zoom welcoming prospective buyers and their agents.
Additionally, while we don’t have a vaccine or cure (yet), agents, lenders, title companies, inspectors, etc. have become adept at new ways of doing business, while still looking out for our clients. In fact, if you have been considering making real estate moves — from buying a first home to moving up, there are several reasons why now may be the right time to map out your plan and get started:
You’ll never be more aware of your real home needs. Pre-pandemic we all had crazy long lists of what we wanted in our next house; however, spending more time at home has helped us prioritize what really matters — whether that’s simply more square footage (indoors or outdoors) or spaces to meet specific needs, like work and working out.
Interest rates are low. Like really low. I’ve had clients lock in well below 3% recently, and this means you can afford even more house than before or save even more. If you are renting, for example, it’s not uncommon for a mortgage payment for a comparable home to be less than the rent in our area normally, and It may be even more affordable now. (Also, you don’t need 20% or even 10% down to buy.) Meanwhile, if you are selling and moving up, applying your equity to a new property at a lower interest rate is a no brainer.
There’s less “froth” in the market. While, yes, limited inventory means we are seeing multiple offers and homes going above list price often, COVID-19 has put things in perspective for everyone. I have found that means parties are more rational and cooperative than ever (no buyers asking for a new HVAC when the current one is working fine), and contract to close is the smoothest I’ve seen it.
Tech tools mean you can make the most of your time. While virtual tours aren’t new, they are being used on listings at all price points now (and buyers are becoming comfortable with making decisions sometimes based solely on them). As a seller (especially if you are living in your home while it’s listed), this means you can do a lot to market your home without having to constantly open your doors for showings and open houses, which is inconvenient and also can pose health concerns. As a buyer, you can make the most of your time but exploring properties from your computer or phone using pre-produced tours or with your agent taking you along virtually first.
Your happiness is one thing you shouldn’t put on hold. As we spend more time at home, the value of it to your mental well-being is greater than ever. While real estate is a financial investment, I often encourage my clients looking for their primary residence with a happiness filter first and we’ll still ensure they aren’t paying more than they should based on the market…that intangible value of the perfect fit is more than just icing on the cake.
3D tours allow you to walk through a home, zoom in and out and even measure distances!
If you have questions about specifics of how we can partner to navigate buying and selling safely or want to put together options for your next move, drop me a line by clicking on the button below. Here’s to happiness at home and healthy times ahead for all!
Amber Harris is the owner of At Home DC, an interior decorator and a licensed real estate agent with Keller Williams Capital Properties working with clients in DC, Maryland and Virginia.