Questions are pouring in about how the mortgage and real estate industry is meeting today’s challenges during the COVID-19 pandemic. The biggest one: What does home buying look like during the pandemic? Erin Finke of the Yi Team Mortgage Advisors and Julie Robinson of Julie Robinson & Mark Smith Associates of Remax Realty Group discuss current professional adaptations of the Real Estate & Mortgage industry in the new normal.
How are housing and mortgage industry professionals managing the needs of their clients during COVID-19 pandemic?
Real estate agents and mortgage advisors are considered essential workers. Our businesses are open and still operating. We’re just working differently.
How do you interpret what government officials are mandating into what’s happening in the housing market?
The house hunting process has made a few adjustments to accommodate for the social distancing required by Governor Hogan. First, we’ll set up a virtual phone call, just like this one we’re having on Zoom. I can tour your home on Zoom and suggest ways to prepare your home for sale, offer staging ideas.
Service providers have also adapted how they support. Home stagers and home inspectors will come in with masks and gloves. Some appraisers will do a drive by appraisal if the homeowner doesn’t want anyone in their home.
What’s happening in the housing market now?
Spring market is our busiest time. There are a lot of buyers buzzing around. Inventory is low. Now is the perfect time to start planning, whether you’re buying a new home or refinancing your current home.
What’s happening in the mortgage market?
We’re still working, just doing it differently. Luckily for us the mortgage process is pretty much the same. We can work from our home office and process your loan much the same way. To be clear, there are challenges, but they are temporary. Guidelines are more strict. Different loan products are temporarily suspended. There is the added hurdle of furloughed workers and people who are out of work.
What should I do if I have been furloughed? How can I be ready when the pandemic is over?
The first step is to contact us to figure out a plan. We’ll make sure to put the steps in place so you are set up for success when things open back up again. Without some smart planning you might find yourself a few weeks behind.
What will happen when the pandemic ends?
Expect a delayed spring market. A lot of people have been holding off selling their home, or buying a new home, because of social distancing. When the quarantine is lifted, there will be a crush to list their homes. That means there will be a lot more homes available.
Thankfully, all of this is temporary. There will be changes to how we do business. But the best thing you can do now is be prepared. Talk to your mortgage advisor and your real estate professional to discuss your goals. Get pre-qualified so when social distancing and the COVID-19 pandemic is over, you’re ready to move when the opportunity presents itself.
Get more information
Go to Julie Robinson’s website: Julie Robinson and Mark Smith Associates, ReMax Realty Group.