Hello world! I hope you’re staying safe out there. I would like to start by saying at Bay to Bay Brokerage we are being extremely cautious and we are following the CDC guidelines to ensure our personal care and to prevent the spread of this virus. Please review these guidelines here and do your part to help flatten the curve: CDC Guidelines
That being said, let’s discuss what is going on in real estate! Real estate agents typically have the benefit of a flexible schedule. However, we aren’t exactly able to solely work from home during this time as many other industries have implemented. We have a fiduciary duty to our clients to do the best for them and get them to the closing table. This means we’re still going out on showings, inspections, and closings at the very least. While the virus and precautionary measures to prevent the spread of the virus may have slowed the amount of transactions taking place, it certainly has not brought them to a halt. For buyers and sellers, some with pre-existing deadlines such as expiring leases or relocation, waiting is just not an option. As they say, “the show must go on.”
What does this mean for you? With the volatile nature of the market, in March we’ve seen the 30 year conventional mortgage fixed rate vary greatly on the daily. For example on March 2nd we saw a 52 week low at 3.13%, and then just days later 4.15% on the 19th. While this can create a lot of uncertainty, it also creates great opportunities for clients who are ready to buy to lock in low rates. The timing can work to the advantage of sellers as well because the inventory is low. In January, just as COVID-19 was becoming global the housing inventory saw a 2 year low. What this means for sellers is simply, less competition. If you are in a place where you feel you are ready to list your home but have some uncertainty or questions please contact us. We can discuss timing and pricing strategies for the current market condition.
There are a lot of great resources out there about real estate and what is going on during this time, but unfortunately there is also a fair amount of misinformation and even scare tactics. We recommend speaking with a trusted Realtor to answer questions during this time. Or if you take to google for your answers, just make sure you trust the source. Some trusted sources are https://www.nar.realtor/ and https://tamparealtors.org/resources/. The National Association of Realtors has put out a great consumer page with resources to provide property owners with assistance during the COVID-19 crisis which you can find here: Property Owner Resources.
As I mentioned earlier please, don’t hesitate to reach out with any questions during this time, we are still here and ready to go to work for you. Thank you!