Hello all, we’ve been receiving a lot of questions about the COVID-19 pandemic and how it affects real estate. The short answer is that it’s too early to tell.
Connecticut and New York have deemed real estate and Realtors as essential services and people are still buying and selling, however, it is definitely not business as usual. Blackstone is still doing business but we have changed our methods to suit the needs of the crisis.
The most important question is whether or not now is the time to move forward with putting a home on the market. The answer is yes. Why? The interest rates are terrific and your competition is low as other sellers prefer to wait out the crisis. Coupled with this is the fact that the market has eliminated the “looky-lookers” and more serious buyers are hitting the pavement.
If you happen to be a first time home buyer, and are interested in making a offer, my advice is to have a pre-approval in hand and make the offer. There are plenty of your peers looking for the same product and with the short supply of inventory we are encountering multiple offers situations– especially if the homes are priced sharply.
Many of you also want to know if waiting to sell this year will let you tap into a better market next year. Waiting will definitely mean more competition because the sellers that were planning on listing this year will let this spring go by and enter next year while their home values remain the same. More competition means lower offers for your home.
Others have asked if Blackstone is still showing properties. We are still showing properties, but we are taking significant safety precautions, as well as modifying practices and procedures, to ensure the safety of Buyers, Sellers, Tenants and Homeowners. We achieve this through live streaming, zoom meetings, phone calls, and yes, even speaking over the phone is back in vogue; there are also 3-D video’s, floor plans, etc.
It is a daunting and unnerving time for everyone. Blackstone Properties is here to answer any and all of your calls and, of course, we are available 7 days a week to offer you a personal live stream video of any property that you might be considering.