I have been getting several questions about how the COVID-19 pandemic is having an effect on the local real estate market here in Lafayette. This is such an unprecedented time and the real estate market is not immune to the effects of the virus. Here are some of the questions and answers I have been asked the most frequently.
Are you still working?
YES! I am available and ready to help you with your real estate transactions. My assistant and I have been working remotely during the pandemic. This has been a seamless transition with the different technologies available. We are able to process paperwork, assist clients and market listings with the same efficiency and quality as before. Even though I have moved to my home office, I am still able to meet with clients to list and show homes. Although, I do wear my mask now!
The Aimee Ness Realty Group has the technology to share offers, listing agreements, and other documents virtually. Processing documents virtually is a very efficient way to keep real estate transactions moving and also limits personal exposure and promotes social distancing. During the shelter in place orders we can still conduct business and limit the exposure to each other.
Is it possible to tour homes?
Yes. Home tours are still available. I am taking precautions for myself as well as clients by wearing masks, and sanitizing hands before and after a home tour.
Virtual home tours are becoming more popular during the pandemic. I am creating virtual home tours for my listings. This gives buyers a chance to get a better idea of the layout of the home as well as a chance to see the home in a different way, before they decide to see the home in person.
Another option I am providing my clients is an in person video tour. I can go to the property, and initiate a live video conference with the client and walk through the property. This allows the client to see the property and ask questions in real time.
When showing properties, sellers may ask to only show their home to pre-qualified buyers. This will make it so only buyers that have been pre-qualified for a home loan will be able to tour the home. The idea here is to limit the number of showings, and reduce the amount of exposure to the home owners.
Is the pandemic having an effect on home value?
We need to keep in mind the market is ever changing and though I do not have a crystal ball I can tell you what I have experienced so far. During the pandemic I have not seen much effect on home values. Homes have been maintaining their value and sometimes increasing. I have seen some increases in value, including on my own home. I recently had an appraisal for a refinance. If you are interested in getting value for your home, I can give you an analysis at zero cost or obligation to you.
Will the pandemic cause a shift in the market to a buyers market or a sellers market?
Well right now I think everything’s been going pretty good for buyers and sellers. As far as a value decrease homes, I’m not seeing that. I have seen a lot of homes maintaining their value and some of them even increasing.
Will a home purchase be able to close on time?
Real estate transactions have many moving parts. A number of things can cause a delay or complete stop in closing a real estate transaction. However, title companies are still open, and are making sure they can help clients close. Some title companies have even taken different measures to limit the exposure of clients by utilizing different closing rooms, promoting social distancing, or even closing remotely. My assistant and I do everything we can to keep real estate transactions moving and sticking to the deadlines outlined in the agreements. Title companies and lenders are available and working hard to service their clients.
Can I get a home loan?
Lenders are available and ready to talk with. Get in touch with a lender to see if you qualify for a home loan. Many factors are involved in lending decisions such as credit scores, income and debt to income ratios. If you need help finding a lender, contact me and I can give you some referrals.
I hope this short list gives you some information you have been looking for. If you have a question, I will be happy to answer it and list it here to help others. You can contact me directly at 765-418-3969.
For current market information for your Lafayette and West Lafayette communities or a free consultation, contact The Aimee Ness Realty Group Indiana. Our team with over 10 years of local experience, has your back to find your dream home, or sell your current home.