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How the coronavirus impacts real estate

How the coronavirus impacts real estate

How the coronavirus will impact the real estate market

There’s no question that the coronavirus pandemic will have an affect on us all. What we know for sure is that no one industry will be left behind.

Anytime there is a significant loss in jobs, the number of residential buyers will decrease in some markets. However, investors view this as a buying opportunity. There is always opportunity in real estate chaos. The fact of the matter is that you can use this time to educate yourself on solutions best suited for your household or business. Consumer confidence will be a variable in the economy as the job market affects housing.

Properties that are priced to sell, neutral in colors and well maintained will less likely see a major change in price because the demand for highest & best value will be in a better position than an average property that’s not well maintained. In other words, everything has to properly display & convey it’s value, even your property.

It’s too soon to determine the impact as private showings are still taking place. Even during a national quarantine, buyers from all over the country remain on our websites everyday looking for properties whether homeowners or investors. Prior to the 2008 recession, we were fortunate to develop an online infrastructure that supports virtual operations. Visit GAMLS statistics to compare month to month units sold by categories.

Commercial Real Estate

There seems to be a lot of uncertainty about whether the country is in a recession. Many consumers are unaware that numerous economists predicted a recession for 2020 in 2019.

However, the economic recession prediction from economists didn’t have anything to do with the coronavirus pandemic or the housing market but the 10 year treasury GDP analysis. See this Forbes article.

Hopefully enough small business owners will benefit from the economic relief that’s available to owners who have been impacted by the coronavirus pandemic.

Visit the Small Business Administration for details or apply online. We offer consulting for businesses that need to analyze the impact of their commercial space from an owner perspective.

Feel free to schedule a consultation if your think you need to list or relocate your commercial business.

We are a licensed Business Brokerage in multiple states & co-op with other Business Brokers across the U.S. and abroad.

Guaranteed Cash Offer

Prior to the coronavirus pandemic, we’ve seen an increase in homeowners who accept online offers on their home in an effort to sell without showings or listing their property. Although sellers can still request a cash offer on their home from our website, listing your home traditionally will still get you the highest & best offer on your home.

In other words, listing your property on the market will open the listing to more prospects that will compete for the value of your home so you’ll get a better return on your investment.

Taking the faster private offer is only best if you have time constraints or personal circumstances that outweigh the benefit of patience. The benefit of patience when priced to sell is always a win for the seller.

Selling Traditionally 

We’ve always been on top of technology. We have solutions to sell your home online with premier 3D Virtual Reality Tours & Virtual Staging when necessary. We have sold affordable homes to million dollar listings traditionally without showings because we invest in 3D VR technology to help your bottom line. We’ll simply give the buyer a reasonable due diligence period to physically visit & inspect the property or they may cancel within a reasonable timeframe. Feel free to download our virtual marketing plan to list your property.

Sellers receive a detailed report followed by a guaranteed cash offer on their home typically within 24 hours. Due to delays from the coronavirus pandemic, please allow a few more days for the written offer in some states. Feel free to schedule a phone appointment with us online for more details.

Home Maintenance

Whether you’re thinking of selling or not, this is a good time to do simple maintenance on your property. Get your property clutter free by donating or throwing away things you haven’t used in the last 24 months. The kitchen countertops are the first place that’s usually over saturated with unused items or that need to be transitioned to the pantry or a designated area for items in question. You’ll be surprised how many things add up in there.

Refresh your paint by touching up frequent traffic areas like the entrance, kitchen, bathroom & family rooms. If your property has deep rich colors, now is the time to neutralize your color tone or at least start planning which neutral colors you’ll choose. When in doubt, a fresh white palette can make a dated property feel updated.

Mortgage Relief

If you’re not thinking of selling & have been financially affected by the pandemic, you can request a forbearance or hardship solution from your lender. Consult with your current lender for details. If you don’t qualify for mortgage relief, short selling your property may be an option.

First, your lender would need to approve you for the short sale. You can request a short sale application from your lender. However, make sure you have visited all other mortgage relief or forbearance options with your lender first.

Feel free to request a free detailed report on your home value and get an update on recently sold properties in your neighborhood.

Low Interest Rates

Low interest rates will help buyers qualify for a higher sales price and help their debt to income ratios.

For example, the sales price of $500,000 x 4% rate (Principal & Interest) payment is $2000 a month.

Versus

Sales price of $500,000 x 3% rate (Principal & Interest) payment is $1500 a month.

For more examples, enter your sales price on our Mortgage Calculator.

NOTE:Property taxes & insurance are not included in this example. Interest rates are always subject to change daily.

Home Loans based on bank statements are not being accepted at this time due to the pandemic.

Home loans are limited to your W-2 income & Tax Returns. Buyers can request a mortgage quote online from our website.

If you’re unable to qualify or don’t have the required down payment, leasing a home with the right to buy (without being obligated) may be a good fit for you.

Agents

We receive many calls from consumers, asking how to become an Agent. Although our firm doesn’t hire new Agents, here’s a recommendation for an national online real estate school

If you’re an experienced REALTOR seeking more leads & business to increase your volume. Visit our dedicated Agent Website for more information.

We hope that everyone will get through this time & be a better human being as a result. We hope every business will become more efficient and produce better leaders as a result of this unfortunate time in our history.

 

Staging Properties to Sell

Staging Properties to Sell

Property Staging Concierge

When selling your home, you have to convince buyers to believe in more than the property itself. Details like square footage or number of bathrooms might be on a buyer’s checklist, but these details can’t shine if you never capture the buyer’s imagination. Potential buyers need the chance to dream about how life in your house might look and feel for them.

The best way to get into a buyer’s head is great home staging. If your house makes the right impression in photos and viewings, there’s a chance to set yourself up for a quick sale.

Pack Away Clutter

Ideally, you want a staged home to look livable, but not lived-in. The best way to do this is to pack up as much of your stuff as possible. This cuts down on clutter and makes the space look less like it’s already occupied. It may seem like a silly step to take—after all, surely buyers understand people often sell homes they currently live in—but it can make a big difference. In fact, too many of your personal belongings, like distinctive decorations, can kill a buyer’s interest in your home. Aim for a look that is classic and neutral so house hunters’ imaginations can run wild!

Neutralize Colors

The most important part of making updates to your home is ensuring that they’re as classic and neutral as possible. Everyone has their own sense of style, which can wind up hurting you when you’re selling a house. If your unique flair clashes with a buyer’s, that might be all they think about when they’re viewing your home. It all comes back to that imagination factor; it’s harder to project your image of a house onto a house that already has a strong image of its own.

Improve the First Impression

When neutralizing the paint isn’t possible, professional staging is the next best option to distract buyers from the elephant in the room from their eyes. Remember, you want to help the potential buyer see themselves living in your home in the way they would.

Ultimately, anything you do that makes your house look like the kind of space anyone could live in will make a big difference. You want it to be clean, bright, and appealing so that buyers will be interested, and simple enough that they can picture themselves there. Get them dreaming about your home, and they’re much more likely to make an offer. 

As shown in the articles featured photos, we provide our clients with professional staging for residential & commercial property owners as needed to achieve the highest & best return on their investment.

Contact us for details.

Client Appreciation

Client Appreciation

The Popeye’s Franchise praise is well deserved but even more deserving is my client, Mr. Mack. Mr. Wilbourn’s loyalty to black business owners around the country & dedication to the city of Atlanta is what many haven’t had the privilege to know. It’s been fun to see young Atlanta showing respect to what many of us have known for years. The continued intentional referrals from Mr. Mack are priceless.

Mack’s energy, optimism & wisdom has been very infectious to business owners around the world. Congratulations on your continued success! We honor & salute you!