Well, here we are.
I have struggled with what to write over these last few weeks as we all regain footing in this new environment. Nothing has seemed all that relevant.
As real estate agents we have been told we are not essential, then we are essential and the latest information is that we are essential but only for transactions currently under contract. Showings, open houses, etc. are not considered essential through this time. Showings are to be “virtual” with photos and videos of the home provided by the listing agent. But let’s be honest, we are not the only ones who have had to pivot, the whole country has had to.
Through the last few weeks, I have had a lot of thoughts on this situation:
Real estate agents can play a huge role slowing down the curve. In the past, it was normal to have 35 people through an open house and to be one of three groups looking at a home at a time. Just by abstaining from those activities, we can do our part in slowing down this virus. It is both a necessity and responsibility we should take seriously.
There is a lot of misinformation and opinions.
This seemed to start when the Fed dropped the rate to 0%. I saw a lot of professionals pushing people to buy a home because interests rates dropped. The Fed rate is the rate in which banks lend to one another, it has no impact on mortgage rates. The ten-year treasury is best to follow regarding where mortgage rates are. As time has progressed, it has escalated to professionals telling others what will happen after this is all over. Their speculation and advice ranges from financial markets, real estate markets or even what will happen socially. Here is the thing: no one knows what will happen when this is over. We have not been here before – this is not the dot.com bubble, 9/11 or the 2008 financial crisis. We were in a great economy prior to this and there are so many factors that will impact the future: how long this lasts, the QE that the government provides and so much more. However, what is helping me get through the uncertainty is that we are the United States of America and I will always bank on the fact that we can get through hard times and rebuild, if put into the position.
This is hard for everyone.
COVID-19 has impacted everyone and has created stress, unknowns and fear. No one is exempt from some sort of stressor ranging from worry about their health or a loved one’s health, financial constraints, business owners trying to pay employees or handling a household of kids while working from home.
As we navigate this time together, I’d like to keep you updated of the real estate market and information that may help make this time easier. If you have any questions, I would be happy to answer.
Stay safe and healthy!
Liz is broker and owner of Liz Daigle Realty.