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In this age of science and technology, it is difficult to wrap your brain around a global pandemic. Yet, here we are living a scene of what would appear to be straight out of a movie. There is no doubt, the world is full of uncertainty and is experiencing unprecedented times. In every situation, there is a silver lining. This one is no different. There is much good that has come from this ordeal. We have pulled together as a community, as a state, and as a country. Our front-line workers are getting recognized for the heroes they’ve always been. We have all realized the importance of our family and friends. We have a better understanding of what’s important. We have a newfound appreciation for taking the time to enjoy a bike ride or a walk with your dog. We have adapted and survived. It is amazing how fast life can change. Enjoy the moment, whatever the moment may be.

From my family to yours, stay healthy, stay happy, and stay safe.

Dawn

Real estate traditionally has been more a "people" business than a technology business, but with advances in recent years, tech has certainly established its place in the industry.

During trying times that require social distancing or sheltering in place, those tech tools can be saviors. Buyers can virtually tour homes via the internet, make offers, and apply for home loans online. All parties involved can sign documents electronically and sometimes even get documents notarized remotely.

All those things are components of most home sales. Having the means to do them online allows for real estate deals to continue, even during social distancing. But that doesn't mean it's all going to be smooth sailing. Here are some ways social distancing could delay a home sale.

Reduced staffing and hours of operation

When companies are attempting to keep fewer people in the office, or workers are out for extended periods of time, or even if a business just cuts its hours, work can take longer. It's a matter of fewer people doing the same amount of work with less time each day to do it. Backlogs can happen.

A good example might be the mortgage business. When very low interest rates hit, there are surges in demand for refinancing that can come right as companies find themselves shorter-staffed. As long as fewer people are working, or working shorter hours, in banks and title companies, there could be delays in home sales.

Home inspections

Home inspections are especially tricky during a time of social distancing. Unlike a buyer on a virtual tour, a licensed home inspector is required to physically be in the home they're inspecting. That can cause some hiccups.

For example, a seller might not want a stranger in their home. On the other hand, maybe not every home inspector wants to go poking around in a stranger's house, which may or may not be properly sanitized.

Most real estate agents have pre-written addendums - some issued by the state - that cover any delays in a sale related to public health or social distancing. Some homebuyers might forego their right to a home inspection, and some sellers might agree to one so long as the inspector is the only person in the home and is properly equipped with safety wear. If not, a delay in the sale can be addressed with an addendum to the contract with neither party penalized.

When a home inspection is done, the inspector could do a virtual walkthrough with the buyer and/or provide them with more visual results (pictures and video) in their report than they would in normal times.

appraisals

Real estate appraisals are typically done in person as well, but there's more leeway for appraisers than there is for inspectors.

For one, the Federal Housing Finance Agency in March 2020 allowed for appraisals without necessarily requiring an appraiser to look at a home's interior. The term "drive-by appraisal" has been around for years, but it's more literal when people are under stay-at-home orders.

And even in normal times, not every appraisal includes an interior inspection. In markets that are very active, it's not difficult for appraisers to ascertain a home's value using mostly a computer, because there are plenty of comparable recent sales. But in slower markets, or for homes with unique features, an appraiser or lender might not be comfortable with an appraisal that doesn't include an in-person look at a home. That sort of circumstance could also delay a sale's closing.

Again, a proper addendum to the sales contract should be able to satisfy all parties involved should such a delay occur.

The bottom line

Technology has advanced enough in recent years to help real estate adapt to a period when face-to-face interaction is limited. While not every step in the home process can be automated, the result during social distancing could be delays at certain steps in the homebuying process, but safety measures alone should not grind a home sale to a halt.

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Three bedroom, three bath, traditional, 2-story, brick home, exceptionally maintained in the highly desired Cordova area. This lovely home has large rooms, master suite downstairs and open floor plan. This custom built home has a large lot and is located in a quiet cul-de-sac and has only had 2 owners. List Price $379,000.00

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There are many life events that can make it time to sell a home. A job change, a child on the way, or even a failing marriage can nudge homeowners to sell relatively unexpectedly.

Still, there are would-be home sellers who can choose when to put their home on the market. Of course, any seller is looking to get the most money they possibly can for the home they are selling and they want to sell it as quickly as possible. So they might wonder: "When is the best time to sell?"

If you are lucky enough to choose when to put your home on the market, here are some things to consider when it comes to timing.

'Tis the season

Traditionally, spring and early summer have been the times when more homes hit the market. There are reasons for this, one of them being that families with children want to be in their new home before a new school year begins. Also, winter weather can make it a little more difficult to show your home in the best light.

But the internet has kind of changed things. More potential buyers begin their home search online, so they are armed with information before ever setting foot inside homes for sale. They're not necessarily traipsing in and out of cars, physically visiting house after house. That means that home searches can start at just about any time of the year. Weather is less a factor.

It is still generally true that there are more buyers out shopping in the spring and summer than in the winter, but if you live in a very competitive market, it might behoove you to put your home up for sale before winter is over, when there's likely less competition among homes for sale.

Markets can vary from neighborhood to neighborhood

The saying "all real estate is local" still holds true, and it's getting more hyper-local than ever. Information you can find online might indicate that there's a lot of buyer activity in your county or even zip code, but in your neighborhood, that might not be the case.

Homebuyer activity and closed sales can literally vary from neighborhood to neighborhood. An online search could tell you that your zip code has a lot of closed transactions, but they might not be exactly where you live. The homes around the corner from you could be the ones selling like hotcakes.

It is probably best to talk to a local real estate professional to determine what kind of demand there really is for homes in your specific area. The higher the demand at any given time, the better your home-selling prospects will be.

Keep an eye on mortgage rates

In the last 12 years or so, interest rates on mortgages have been at or near historic lows. It is not going to last forever, though, and homebuyers tend to become more active when they think that rates could start creeping up.

If you are thinking of selling, it is responsible to keep an eye on the financial markets. If there's a sign that mortgage interest rates are set to rise, it's likely that real estate markets will see an uptick in buyers. The more buyers there are in the market, the better the prospects are for you to sell your home quickly and for top dollar.

The short answer about timing the market is that you can't expect to ever do it perfectly, just like you can't "time" the stock market. But if you're considering selling your home, you'll want to put it on the market at a time when there is less competition from other sellers and more buyers are actively searching for homes. Keeping your finger on the pulse of market indicators and talking to a local real estate professional should help you toward that goal.