Comstock's magazine 0620 - June June 2020 | Page 19

Remember, for a variety of reasons, people will still be selling homes,
and buyers will still be purchasing, especially with historically low
interest rates. Continued demand and reduced inventory should
mean few price reductions.
Looking to the months ahead, the
industry will be affected by a reduction
of listings. As of late April, we already
were seeing about 25 percent fewer
homes coming on the market in the
Sacramento region, but the market is
shifting back and forth, so it’s hard to
know where it will be by midsummer.
But, remember, for a variety of reasons,
people will still be selling homes, and
buyers will still be purchasing, especially
with historically low interest rates.
Continued demand and reduced inventory
should mean few price reductions.
The job market will play a big part in
whether buyer demand remains high,
and record unemployment could become
problematic to the housing market
if it continues through the year.
Although, by most accounts, the crisis
is leading to a recession, we don’t expect
the housing market to drop to the level
that caused so much financial distress in
2008 and the following years. That crisis
was caused by predatory lending, and
homeowners today have a lot more stake
in the game and will want to ride this out.
One thing history tells us is that if prices
go down, they will go back up.
For those interested in buying or
selling this summer, here are tips to help
you on your journey, especially during an
uncertain market.
Sellers
1 Declutter your home, both inside
and outside. Spruce up the outside,
and make sure the inside is clean.
2 The best way to give your home
a makeover is with a new coat of
paint, inside and out.
3 Professional visuals are a must,
including photos, 3D photos, videos
and virtual tours.
4 It’s important to have home, pest
and roof inspections done. These
can be done safely, in terms of
social-distancing guidelines.
5 Make sure your disclosures are
complete before listing.
Buyers
1 The most important thing to do in
any market is to have underwriting
approval prior to looking at homes.
Know what you can afford, and stick
to properties in your price range.
2 Be flexible. With fewer homes on
the market, you may not be able to
get everything you wish for.
3 Make sure your down payment and
closing-cost funds are secured.
4 Discuss with your real estate agent
the steps to becoming a homeowner.
(There are many.)
5 Remember: location, location,
location.
If you follow these tips, buyers will
know the condition of the property
before making an offer, and the likelihood
of a smooth closing for both parties
will increase dramatically. Never forget,
the process between buyers and sellers
is, at its core, collaborative. Things will
proceed better if there is an undercurrent
of teamwork.
If you’re looking to get into the
market in the coming months, either as a
buyer or a seller, the very best advice is to
find an agent who you trust to represent
your interests. As a Realtor and homeowner,
I know how difficult and emotional
the process can be, so you need to
work with someone with whom you feel
comfortable discussing your needs and
wants. Open communication between
you and your agent will be even more
important during these uncertain times
to protect you and your money.
In 2008, the most similar time economically
to what we’re going through
today, a lot of people were scared. So
many were going through similar circumstances
— losing jobs and potentially
homes. If you are feeling uncertain or
queasy about the road ahead, know that
things will get better. Even if you have
to move when you’d rather not, remember,
it’s just wood. Your safety and your
family’s safety are paramount, and the
memories that you put into your home
will follow you wherever you go. These
are difficult times, but they’re also times
where we all have the opportunity to rise
above our differences and be good to
each other. And that extends beyond the
real estate industry.
Diana Martinez, a Realtor with Keller
Williams, has been selling real estate
since 2007. She started her career in
new home sales with JMC Homes,
then switched to residential resales in
2010. She focuses on the Elk Grove and
Sacramento areas.
Has the coronavirus changed
your thinking about selling or
buying a home?
TWEET US @COMSTOCKSMAG
June 2020 | comstocksmag.com 19