Erin Finke of The Yi Team Mortgage and Julie Robinson of REMAX Real Estate talk about the DMV real estate market coming back at Phase 2 after COVID.
WHAT ARE PEOPLE FEELING ABOUT THE CURRENT MARKET?
Business is coming back online. That includes the real estate market after COVID. We are working with new clients who are ready to move around more after sitting at home for 3 months. Their perspective on house hunting has changed slightly. Knowing how much money home buyers want to spend is only one aspect of home buying. After living at home for this long, people are finding their needs have changed.
1. Families are feeling a sense of urgency to get their children into the new school district. After staying at home for this length of time many, families are feeling behind in their house hunting. Getting in to the right school district, even without knowing what school will look like in the fall is important to the real estate market after COVID.
2. People have reevaluated what they are looking for in a home. Many feel they need more space indoors so home is more of a multiple use space. No longer are families coming home, making dinner, going to bed and leaving for work. After spending lengths of time in the house, especially with family, there are different needs now.
3. Outdoor space needs have changed. Having a garden has become a popular hobby during the quarantine. Some people recognize they need more distance from neighbors, even some space from the neighborhood playground to be able to concentrate when working from home. The real estate market after COVID means people recognize different needs for outdoor space.
The #quarantineproject has become a phenomena. People are looking for activities to keep themselves busy while they’re home.
Julie Robinson says, “Their biggest question is: what should I do to my home while I’m stuck here?”
The answer will change depending on the neighborhood. A smart realtor will look at comparable homes before offering suggestions so you don’t over upgrade your home. Call your professional for an in-person or a zoom meeting to make sure your project gets a return on your investment.
Working with a client moving from out of town offers its own challenges. It’s nerve wracking. But helping people move into the DMV during a quarantine is still possible.
Julie and Erin have a client who lives in Colorado. They wanted to move to this area because their cousin lives here and they wanted to be closer to her. Erin helped the Colorado homebuyer get pre-approved so they knew exactly what homes they should be looking at. Julie’s partner, Mark, took the Maryland cousin to walk through multiple houses. With the help of Facetime, they were able to find the perfect house. The Colorado client made a strong offer, and got the house!
Erin Finke and Julie Robinson talk more about the 2020 real estate market and how it has been affected by the COVID-19 pandemic.