The pandemic has REALTORS® pivoting to help our sellers safely navigate the current situation and continue with their real estate plans. Appraisers may not need to enter your home and closings are being done remotely as much as possible. Yes, interest rates are low but Fed rates at zero do not make your interest rates zero. There are many benefits for sellers to continue with their home selling plans. Here are what several trusted real estate experts are saying about what sellers should expect from the market right now.
Call me to discuss a plan of action and click here for additional information from the Austin Board of Realtors.
FACT or FICTION: People have no choice but to meet in-person to close on my home. FICTION!!!!
With some exceptions, a lot of the process can be done remotely.
“We’re happy to do everything remotely but there are some transactions that, because of lending laws or underwriting requirements, require wet signatures; and home equity loans have to be an in-person closing. It’s not our role; it’s the federal lending laws. So, we have to make some accommodations to get people in the office to close those transactions.”
– Kara McGregor, Sr. VP of Business Development, Independence Title
FACT or FICTION: Austin’s housing market will crash. FICTION!!!!
Austin’s housing market before the pandemic was very strong, and experts say it will remain strong after it’s over.
“Current indicators are that Austin’s housing market remains strong and competitive. Any decrease in inventory would only increase competitiveness in our market. Overall, Austin’s economy and housing market look to be resilient during this uncertain time. Once COVID-19 subsides, there is a potential for even more investment by employers in the Austin market, and I would expect those looking for
a more affordable cost of living compared to other major U.S. metropolitan areas will still look to move to and buy homes in Austin.”
– Mark Sprague, State Director of Information Capital, Independence Title
FACT or FICTION: It is not a good time time to sell a house right now. FICTION!!!!
We’re still in a seller’s market, and people are still looking (and able) to buy.
“Austin’s housing inventory was at critically low levels before the COVID-19 pandemic, and any decreases in listings on the market will only make demand for housing stronger. With real estate as an essential business, there’s nothing preventing consumers to buy or move into a new home. Home sellers who continue to market during this time, if anything, will enjoy increased visibility for their listings.”
– Mark Sprague, State Director of Information Capital, Independence Title
“For sellers, I think its going to be a case by case discussion and will depend greatly on the timing needs of the seller. I do think homes will sell now, next month, and thereafter. And a case could be made that serious buyers will see this as an opportunity to buy without the competition that was prevalent pre-COVID. So, if getting top dollar is the primary motivation and timing is flexible, I’d hold off. If sellers are reasonable with their price target and it’s important to sell sooner, then I’d move forward with listing the home. One other consideration is that underwriting guidelines could be more restrictive in the near future limiting the buyer pool. Following that theory, I’d list now.”
– John Schutze, Regional Director, Texas Loan Experts
“The housing market is absolutely still open for business, but the business of real estate is evolving like we all are through this experience. REALTORS® are working hard to provide a new home buying and selling experience in these times that includes visual libraries, interactive floor plans, virtual tours and showings, and more. Home sellers should talk to their REALTOR® about how some of these new options can be used to continue to market your property.”
– Romeo Manzanilla, ABoR President
