COVID-19 & Real Estate Services
Some very important information regarding COVID-19 and the current state of the real estate market.
First and foremost, we hope you are safe and healthy. It has been an unprecedented past few weeks as our world faces historic challenges with the growing COVID-19 (coronavirus) pandemic.
To our clients, please know that we will continue to serve your every real estate need, according to all social distancing best practices laid out by the CDC and will do everything we can to offer our knowledge and support. With that in mind, the U.S. government and the State of Maine issued guidelines classifying real estate professionals (e.g. agents, mortgage officers, et al) as essential services during this current hardship. We recognize the seriousness of this announcement and will conduct ourselves accordingly.
Over the past week, we’ve received numerous calls and emails inquiring about how we are conducting business during this time. We have put together frequently asked questions below, in hopes we can answer some you may have.
FOR HOME BUYERS
What is happening with interest rates? Rates have been moving in a general downward trend and are now around 3.5% in most cases, making monthly payments more affordable.
Are banks lending right now? Yes, absolutely. Many have moved to a more mobile format. The credit score requirements have been changing for government loans, but our lending partners are on top of this and can help you get the right loan to fit your unique needs.
Is there a way to do virtual showings? We are now helping all buyers look at homes virtually through Zoom, Facetime or Skype. All our new listings will also have virtual walkthrough capabilities, where you can do a walking tour of a home from your phone or computer!
Can we even buy a home right now? Yes, you can. While the process has changed slightly, we are still able to help buyers get into a new home.
Can we sell if we need to? Yes, you can. We are working daily with our clients to ensure we help those who need to sell do so safely and effectively.
Is this impacting the price of homes? Maine has had a longstanding shortage of home inventory, so prices have remained stable and are projected to moving forward.
How can we market the home without people coming inside? There are many options. We use technology that allows for a virtual tour of the home, which lets buyers tour your home without even having to step foot in it. We are also working with sellers to set up virtual showings of their home where we guide buyers through your home virtually,
In most cases, once a buyer has decided they want to buy your home, they will want to see it in person, but virtual tours and video of your property can significantly decrease the amount of visitors you may have that are simply trying to determine if the property will be a fit for them or not.
Please contact us if you have additional questions.