307 Real Estate Blog: COVID-19 and the Real Estate Market

Posted by | 307 Real Estate

It shouldn’t be a surprise that everyone’s focus is on the global COVID-19 pandemic. In the U.S., cases are still on the rise as people take to social distancing and self-quarantining to help keep the virus from spreading even more. While these are uncertain times for many, the real estate market has not stopped moving. We are adhering to all of the necessary protocols set out by the state of Wyoming, and the agents at 307 Real Estate are still diligently working to help clients find their dream homes or get their homes ready to go on the market.

 

Since we have been getting quite a number of questions on the real estate market during COVID-19, we thought we would share some of the most common ones along with our answers. Keep reading to learn more about what we are sharing with our clients.

 

Can we still tour a house that’s on the market?

Yes! At this time, the Wyoming Department of Health has not issued a “shelter-in-place” order so we are still able to show houses that are on the market. That said, we take all precautions necessary to ensure that everyone stays safe. We bring gloves and antibacterial products to each showing to make sure that any touched surfaces are completely disinfected. We also make sure to stay at least 6 feet away from our clients when showing them a house in the Wyoming real estate market.

What if I want to put my house on the market but don’t want people touring it right now?

No problem! Even prior to the shift to remote and online work that has happened over the last few weeks, 307 Real Estate has been utilizing virtual resources to their fullest extent. We have professionals that can take photographs of your property and even film a video tour so that potential clients can view your home without visiting in person. We have an extensive and active social media and web presence that can get your property in front of thousands of eyes in the Wyoming real estate market and beyond within a matter of minutes. We have been preparing for years for circumstances exactly like this, so we know the ropes.

I thought I was about to put my house on the market, but now I am going to wait. What else can I be doing to prepare my house for when I’m ready?

There are plenty of other things that you can be doing around your house to get it ready to go on the market. Smaller home improvement projects can make a big difference, and many people are home with some extra time on their hands which means some of these projects can get done. These projects could include: decluttering your space and making donations to local thrift stores, tackling any painting projects (especially if you have any bright and crazy colors on the walls), clean all of the nooks and crannies, spend some time cleaning up the yard, and more. Don’t yet have a real estate agent? This is also a great time to give us a call so you can start to build that relationship with one of our agents – they’re happy to chat over the phone or on a video call.

 

 

Is now a good time to buy a home with all that is going on with COVID-19?

Now could definitely be a good time to buy a home if your circumstances allow it. Interest rates are down across the board to stimulate the economy. If you are currently paying rent, that same amount could be going towards building equity in that or another property. Whether the market is up or down with concerns over COVID-19, the reduced rates lower barriers to entry in the market. This allows buyers to start building long term equity more quickly than if they waited to buy when interest rates are higher again. Everyone needs a place to live and “shelter” in times like these which also creates its own piece of mind with property ownership. These low interest rates won’t last forever, so take advantage of them before it is too late! Keep in mind that if your employment or income circumstances are uncertain right now, talk to your real estate professional before making any decisions! While this could be the right time to buy a home for some, it may not be for everyone.

 

Can you tell me about COVID-19 in Wyoming?

We always recommend checking about the status of the virus with your local authorities. In Wyoming, checking with the Wyoming Department of Health is the best way to get the most up-to-date information. More information about COVID-19 in Wyoming can be found here: https://health.wyo.gov/publichealth/infectious-disease-epidemiology-unit/disease/novel-coronavirus/

 

 

 

If you have any other questions about how we can assist you with your Wyoming real estate transactions during this time, please give us a call at 307.587.4959. Even if we are not in the office, we are standing by to answer the phones and make sure you get all of your questions answered.