By
Matt Trudel
The
news seems like Groundhog Day these days, repeat of the same thing, just the
numbers change a little or the items change, from the shortage of toilet paper to
now hamburger. All of this has many
buyers and sellers on edge about the safety of their family. Several sellers
have opted to pull their houses off the market and wait until the dust settles.
Buyers on the other hand want to take advantage of historically low interest
rates. Inventory is low at this point, and even though construction was deemed
an essential business, getting materials, cabinets, windows and other items has
been an issue.
Many plants and factories shut down for 6 to 8 weeks and have an
enormous backlog. This has slowed down many new home builders from completing
projects on time.
So,
the question is when should a seller put their house back on the market? That
is going to be different for each seller. It is a personal comfort level, and
no one answer is right. You can be confident that as REALTORS® we do everything
we can to be respectful and cautious when showing a home. I have hand sanitizer
and disinfecting wipes that I use on all doorknobs and other areas that might
be touched. Buyers are also aware and
generally remain as hands off as possible. Everyone is aware of the situation
and does their best to protect themselves and others.
The
month of May has always been a great time to list your home. Buyers have their
tax refunds (and maybe stimulus checks), kids would normally be getting out of
school, and the grass is greening with warmer temps. This gets buyers excited and ready to pull
the trigger. Prices are holding strong in this seller’s market. However, many
buyers have been laid off or furloughed for many weeks and that affects their
ability to purchase a home.
A
buyer must have a job in order to buy a house, right? Not exactly the case in these crazy times. If
a buyer has been laid off due to the COVID-19 situation and their employer
intends to rehire them once they are allowed to open, the buyer can still
purchase the property.
There
are many new loan programs that have opened over the past three months, some
with interest rates below 3%. This allows a buyer to afford more house and make
a higher offer than they would at the old 3.5% FHA program. There are also 5% down construction loans and
3% down conventional insured loans. The buyers in today’s market have many
options to better their position when making an offer. This generally translates into better offers
for sellers.
So,
when you are ready and feel comfortable about getting your house on the market,
find an experienced broker and have a conversation about your concerns. I am
confident together you can come up with an appropriate plan that works for you
and your family. As REALTORS® it is one of our specialties, coming up with
creative ideas and solutions to make things work for everyone.
This
article provided by Matthew Trudel, Owner of Five Star Realty Windham
207-939-6971
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