May 2020 Real Estate Roundup
Many states around the U.S. are starting to open up their economies after virus related shutdowns. As the economies open up one can expect real estate activity to pick-up as well. The virus shutdowns have impacted real estate markets as well. While sales in many areas may still be strong there are new requirements that both home buyers and sellers must be aware about. Credit score requirements have increased, down payment requirements have increased, showing restrictions have increased, and mortgage loans are harder to come by in general. The article in this month’s roundup will help home buyers and home sellers to get ready to transact in real estate in the COVID19 impacted market.
Tips For Making A Home A Rental
With the economic uncertainty brought out as a result of economic shut downs due to the virus some homeowners may not be able to sell their house. The alternative to selling is renting out the house as Bill Gassett points out. By renting out the home the homeowner can get monthly income that can cover the mortgage and more. Renting a home requires the proper steps in order to make sure the homeowner gets the right tenant and gets enough cash flow.
DIY Home Tasks To Accomplish
With all the additional people are spending at home it makes sense to make sure certain home maintenance tasks are kept up to date. A well-maintained house means years of living in the home with fewer issues and fewer large expenses due to major malfunctions. In this article by Luke Skar he points out twenty-one different areas where homeowners should be keeping up on for maintenance. Not only will maintaining these areas keep the home in better operating condition it can also lead to a more overall safe home.
Support Local Small Business During The COVID-19 Shutdowns
The economic shutdowns have been hard on many small businesses. In this article by Sharon Paxson she provides great tips on how one can help support small businesses during the pandemic. From buying online, getting food and goods delivered, to buying gift cards, any little bit helps. Many small local businesses rely on day to day transactions to keep them going and while some may be wary of going out to shop there are plenty of ways to support local small businesses as this article explores.
Pre-Listing Home Inspection
When listing a home for sale having a home inspection done prior to going live on the market can be a big advantage as Michelle Gibson points out. In a seller’s market where multiple offers can be expected some buyers may decide to forgo a home inspection, if an inspection has been recently done by the seller, in order to make their offer more competitive since one has already been done. An offer from a buyer without an inspection contingency will save time and can result in a quicker closing. Where the market is more in favor of buyers a pre-listing home inspection allows the sellers to properly prepare their home to make sure it presents well when on the market.
Radon is a colorless and odorless gas that can enter homes via the foundation. Radon is a byproduct of certain natural radioactive underground materials. Radon gas can cause lung cancer and needs to be vented out of a home so that it does not build up over time as Kevin Vitali explains in his article about the dangers of radon gas. Often times as part of a home inspection radon gas tests are performed to determine the level of radon gas a basement might have. If radon is found to be above a certain level then a mitigation system should be installed.
Pandemic Effects On The Housing Market
While the full impact of the COVID-19 pandemic has yet to work its way through the economy there are impacts on the housing market as Tom Horn notes. With many economies shut down as a result of the pandemic, unemployment has skyrocketed which is impacting people’s ability to pay for their mortgages and/or rent. Short term depending on the area housing prices are going up due to very limited inventory, whether that holds only time will tell.
Things Realtors Do For Buyers/Sellers
The importance of using a real estate agent to help buy or sell a home may be more important now more than ever. With the rapid changes in the way mortgages are approved, the way showings are conducted and negotiations are conducted in a world affected by a pandemic having expert help when buying or selling a home is very important as Ryan Fitzgerald points out. Real estate agents are expected to navigate real estate markets regardless of what is the current state and keep up on their knowledge to best help their clients.
Selling A Home and Divorce
The process of selling a home with multiple owners involved requires that the owners cooperate with each other to get the home sold. When it comes to divorcing spouses cooperation may not always be possible when selling a home as Paul Sian explores. Spouses who are getting a divorce need to work together to get the home sold or they can be forced to work together via a court order. While there may be resentment between the spouses the selling process can get held up unless there is some outside help.
The real estate market is in for some interesting changes as a result of the pandemic. What changes have you seen in your markets? Seen any other good articles to share? Mention them in the comments below.
The Real Estate Roundup for May 2020 was provided by Greater Cincinnati Area Luxury Realtor Paul Sian of United Real Estate Home Connections. Paul is a licensed real estate agent in the states of Ohio and Kentucky and has over 14 years of experience. Feel free to contact Paul for all your Greater Cincinnati and Northern Kentucky real estate needs.