REAL ESTATE IS OPENING!
Here are all the details of how Real Estate will look starting May 7th.
• Office Operations: We will be continuing to work from home
• Showings: Buyers can now view properties in person with their agent. There can only be 4 people in a home at a time including the realtor and everyone must adhere to CDC social distancing guidelines. Sellers should not be inside the home during the showing.
• Virtual Showings: If you’re not comfortable looking at houses, no worries, I can FaceTime you from the property and you can stay home.
• Open Houses: These remain prohibited.
• Listing: We can resume normal listing activities. If you are interested in listing I can come out to your home, if you are comfortable, to evaluate and provide my market analysis. If you prefer, we can also do this appointment virtually.
• Inspections/Photography/Appraisals: These services can also resume subject to social distancing. Most providers request that sellers leave the home during these appointment to limit contact. Buyers are permitted to attend their inspection subject to the same 4 person rule as above.
• Precautions: I will be wearing my mask & ask that you do the same if tolerable. Where feasible sellers are asked to have lights on and doors opened so there are minimal surface contacts needed. Sellers should disinfect their homes frequently, wiping down frequently touched surfaces such as door knobs, closets and cabinets, light switches, etc.
What about the market?
The market in terms of property values is expected to be relatively unscathed by the Pandemic. In 2008 housing led the recession, in 2019 it will likely be what brings us out of it. In 4 of the last 6 recessions Michigan homes value actually went up. It was previously predicted that home values would go up on average 4.7% in 2020, it’s now planned that we will only see an increase of about 3%. Also unlike the 2008 crisis, home owner equity is at the highest it maybe ever been. 37% of homes are free and clear, and 26% of home owners have over 50% equity. It is also expected that unlike 2008, we probably won’t see a big foreclosure surge. With the record equity rates and stable values, an increase in foreclosures seems unlikely. There will be some things that hinder real estate moving at the pace it would have had the pandemic not happened, some businesses may not be able to recover, some buyers and sellers still aren’t comfortable home shopping, but there will also be pent up demand that will fuel the market. The next 60 days may look a little wacky, there will probably be a lot of ups and down, but nothing to panic about. It’s expected that we will remain and seller to neutral market through-out the recovery.
If you have any questions or would like to get started on your next real estate transaction, don’t hesitate to reach out!