Real estate has always been a solid long term investment and I absolutely believe after we all make it to the other side of this COVID-19 pandemic, we will pick up right from where we left off. The basic elements of the real estate market are all still going to be in play. Low inventory, strong buyer demand due to low interest rates and our geographical location on the globe. Builders are still not building enough homes (30% less building per year than is needed) for the amount of people moving to our area.
For the first two weeks of the COVID-19 Virus in our community, what we are experiencing is that real estate is still functioning on all levels. New listings are still hitting the market, buyers are still submitting offers, appraisers, homes inspectors and title companies are all still very much engaged, but just at lower levels than before Governor Kate Brown put us all on a stay at home order.
In all of these areas, we all have safety precautions in place. For example, the title companies are having people sign closing documents in their cars in the title company parking lots. Appraisers ask all owners to turn on all lights and leave certain interior doors open. So, when they go into the house, they don’t need to touch any surfaces. Brokers are doing video tours, bringing cleaning supplies to showings, not holding open houses and all are working from their homes. Luckily, the majority of Brokers already use digital signatures for contracts, which is very ideal in our current environment.
We will continue to be your voice of real estate and will keep you updated as we all make our way out of this pandemic. Please call, text or email me directly if you have any questions or concerns.