Myths and Facts About The Corona Virus And The Real Estate Market

Don't be offended if we don't shake your hand in the coming months.

With the spread of covid-19 (Corona Virus), We are sure that everyone is left with a lot of questions. When it comes to understanding the virus and the best action to take, we believe that the very best resource you can use is provided directly from the Centers for Disease Control and Prevention (CDC). Throughout this article, we will link to some great information from them about the virus, the spread, and the best precautions you can take.

However, we also wanted to answer the question you have about the Real Estate Market and what you can expect moving forward, as well as the precautions that we will be taking.

 

How it Spreads (Info Direct From The CDC)

  • The virus is thought to spread mainly from person-to-person.
    • Between people who are in close contact with one another (within about 6 feet).
    • Respiratory droplets produced when an infected person coughs or sneezes.
      • These droplets can land in the mouths or noses of people who are nearby or possibly be inhaled into the lungs. The droplets can then accumulate on surfaces that we come in contact with. 

Illustration: woman sneezing on man

Take Step To Protect Yourself (Info Direct From The CDC)

Clean Your Hands Often (Video From The CDC about Washing Hands)

  • Wash your hands often with soap and water for at least 20 seconds especially after you have been in a public place, or after blowing your nose, coughing, or sneezing.
  • If soap and water are not readily available, use a hand sanitizer that contains at least 60% alcohol. Cover all surfaces of your hands and rub them together until they feel dry.
  • Avoid touching your eyes, nose, and mouth with unwashed hands.

Illustration: washing hands with soap and water

Avoid Close Contact (Info Direct From The CDC)

 

Illustration: Woman quarantined to her home

Protect Others (Info Direct From The CDC)

  • Stay Home If You Are Sick.
  • Cover Coughs and Sneezes.
    • Cover your mouth and nose with a tissue when you cough or sneeze or use the inside of your elbow.
    • Throw used tissues in the trash.
    • Immediately wash your hands with soap and water for at least 20 seconds. If soap and water are not readily available, clean your hands with a hand sanitizer that contains at least 60% alcohol.

woman covering their mouth when coughing

Wear A Facemask If You Are Sick (Info Direct From The CDC)

  • If you are sick: You should wear a facemask when you are around other people (e.g., sharing a room or vehicle) and before you enter a healthcare provider’s office. If you are not able to wear a facemask (for example, because it causes trouble breathing), then you should do your best to cover your coughs and sneezes, and people who are caring for you should wear a facemask if they enter your room. Learn what to do if you are sick from the CDC.
  • If you are NOT sick: You do not need to wear a facemask unless you are caring for someone who is sick (and they are not able to wear a facemask). Facemasks may be in short supply and they should be saved for caregivers.

man wearing a maskClean and Disinfect (Info Direct From The CDC)

  • Clean AND disinfect frequently touched surfaces daily. This includes tables, doorknobs, light switches, countertops, handles, desks, phones, keyboards, toilets, faucets, and sinks.
  • If surfaces are dirty, clean them: Use detergent or soap and water before disinfection.

cleaning a counter

Will We Continue To Show Houses?

We understand that having your house shown might be a challenge at this time and could even be scary. Currently, we plan to continue to show houses. However, we will be taking it one day at a time and taking any precautions that are deemed necessary to keep everyone healthy. Something to keep in mind is that many houses that we show are vacant such as new construction. Also, while we show the homes, the homeowner is not home.  A couple of steps that we will be implementing are...

  • We meet our clients at houses and will not ride together.
  • Keeping a social distance of 6 feet.
  • Keeping ourselves and the house sanitized before, during, and after.
  • Anyone showing symptoms of being sick won't be taken into homes. 

Can I Only See Unoccupied Houses?

Yes!  There are some homes that no one currently lives in. If you prefer to only see those at this time, we can set that up!    

Are Intrest Rates Dropping?

Because of the stock market drop in the last 2-week, the interest rates have dropped to historic lows but now that lenders are experiencing a surplus of loans to refinance, we could see increases in interest rates. It is impossible to know for sure but we might not see any more big interest rate drops again until the lenders catch up. 

Will Housing Prices Drop?

At this time it is unknown how housing prices will be affected and if they will drop. The market has had a shortage of homes for sale for a few years now, so an increase of homes for sale could see housing prices decrease. However, a lack of houses for sale could keep prices the same or higher. Supply and demand might equal out. We know that some people will take their house off the market during this time. However, some people will still need and want to sell their home.

Should You Put Your House On The Market Right Now?

Of course, that is a personal decision and one that should not be made lightly. Here are some things to consider / possible answers to your questions when thinking about listing your home at the moment. 

  • It is impossible to know if prices are at their peak a the moment.
    • We could see a decline in prices, prices could stay the same or they could go up.
  • With the current low-interest rates there are still a lot of buyers that want to find a house right now, so they can lock in these historically low rates.

Other Options to Physically Touring Homes

With the current situation, we want to reiterate the online options we have implemented in addition to traditional home showings. we will continue to offer these to help keep online options available to the public. 

Virtual House Tours

  • We do online video house tours through Facebook live videos (here) and edited virtual house tours on our youtube page (watch here).

Online Blogs (Read Our Blogs Here)

  • We write up detailed blog posts showcasing aspects of the house that we think is very important for potential buyers to take note of. this is a great resource to go in addition to the traditional housing listings. 

Social Media

  • Social media has and will continue to be a vital tool for online marketing we implement.

Remember the Worst Thing We Can Do Is Panic

The last point we want to reiterate is that during times of uncertainty such as this, the worst thing we can do is panic and induce fear. We must stay calm, work together, and come together as a community (but also staying 6 feet apart). Keep an eye on informed sources of information like the CDC and beware of people who are trying to induce fear and panic! If we all stay informed and make a conscious effort to help stop the spread, we can come out on the other side of this. 

 

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Regina Drury

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