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Real Estate in the COVID-19 World

Along with the rest of the world, we at Adamson Ramsey Homes are absorbing, acclimating, and adjusting to the new norms. We are carefully and thoughtfully working to be as responsive to our clients’ needs while being responsible to our families and the broader community.

How is COVID-19 impacting the real estate market?

The landscape changes daily. As of March 23rd, we’re seeing:

  • Far fewer listings coming on the market. There are still a few new listings each week and up until this past week, we were doing our best to preview them (with great care – with 0-1 others in the house, using booties, rubber gloves, etc.) so that we can stay as informed as possible. We reassess these practices constantly, in light of changing directives, best practices, and our own consciences.

    We have sellers who are holding off on listing their homes, given the uncertainty and general slowdown. We are actively working with them on what they can do, even in lockdown, to prepare. 

    Are you considering selling and aren’t sure what the best timing is and what you can do, even now? We are abreast of the ever-changing variables that will impact a successful sale of your home (from showings and open houses to inspection and changes in town protocol), conducting virtual listing appointments, etc. and are happy to advise you on how best to prepare and proceed.
     
  • Far fewer buyers asking to see homes. Understandably, fewer buyers want to see homes right now, as most of us try to shelter in place. Last week, we did meet a set of buyers to show a few homes that they were seriously considering. We are discouraging our buyers from looking at homes that are not serious contenders.

    We absolutely want our buyers to find the right home AND we want to be SUPER responsible to all parties, including the homeowners and our own families. This is where our extensive buyer consultations make all the difference. We dig deep and REALLY listen to what you want/need so that we can give you the best possible guidance on your search, in these crazy times and under “normal” conditions. 

    Are you considering a new home and aren’t sure how you can move forward when you’re not comfortable increasing exposure for your family and others? We are conducting virtual buyer consultations, will talk to you about market conditions and available inventory and are happy to make sure you’re equipped to make the right decisions, for whenever you are ready.
     
  • Wildly unpredictable mortgage rates. The rates are still at a historic low but more than one lender we’ve spoken to says, “All bets are off,” with regard to predicting where rates will be on any given day. I (Susie) just locked in a refinancing rate. We may have jumped the gun but we will be saving money, no matter what. A general rule is that you might want to refinance if the current rate is 1% lower than the rate you have. The rate we just locked in is just shy of that, but we wanted to take advantage of the lower rate, sooner rather than later. Every little bit counts right now! 

    Could refinancing be a good option for you right now? How much will changes in the mortgage rate impact your purchasing power? We have a well-vetted list of lenders we can recommend who will carefully and knowledgeably answer your questions and help you save the most money possible.
     
  • Adjustments all along the transactional chain. As everything started to shut down last week, we managed to scramble, jump over hurdles and through hoops to get a family into their home a couple of weeks ahead of schedule. Our entire team (including our attorney, title company, and lender) had to put our creative problem-solving and get ‘er done attitudes into overdrive and we did it!! We successfully navigated changes in town inspection protocol, maintained social distance rules for final inspections, walk-throughs, closings, etc. 

    Do you need some creative problem-solving and a get ‘er done attitude to help you meet your real estate goals? Let’s connect. We’re in this with you.
     
  • No shortage of questions! We are grateful that our past clients and other Friends of Adamson Ramsey Homes continue to refer people to us as we all try to wrap our heads around how to make decisions when there is so much uncertainty. We’re all sitting on the tarmac but we’re ever hopeful that we’ll get to a great new destination!

    Do you know someone who doesn’t want to wait to get out of the crowded city? Need to make financial adjustments and downsize? Feel more cramped than ever and want some more space? We certainly will not have all the answers, but we can offer our expertise and informed perspective to talk through options, pros and cons, and help equip you and your friends to make good decisions.

We want to be extremely sensitive to the immeasurable and incomprehensible implications of this COVID-19 landscape. We do not want to be opportunists. We are here to be your resources, good neighbors, and your friends. Let us know how we can help. info@adamsonramsey.com

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