What should we, as buyers, sellers, or homeowners, be doing right now? There is plenty of uncertainty during this worldwide crisis: the real estate market is no exception. During these times, it’s helpful to turn to an expert. We sat down for an interview with our team leader, Gate Arty. Gate has been in the real estate business for 22 years, and has seen many similar trends. Let’s see what he has to say:
Gate, thanks for sitting down with us. We know you have a wealth of experience. What types of situations like this have you seen before?
“Well, here’s something I think is important before our entire discussion. There are opportunities for success in every market. I want to make sure everyone remains calm and makes smart choices. I’ve been through a few changes in the market, good and bad. Technology revolutionized real estate over the last 15 years, and indicators like interest rates fluctuate. But what is happening now is nothing like the Great Real Estate Depression in 2008. Things are still relatively stable.”
How was the real estate market pre-coronavirus?
“Ha, I miss that market. Our January was phenomenal and our February was the busiest we have ever been. We helped a lot of people. In March, things definitely slowed down. But, we have continued working and are still consistently assisting clients.”
What has been happening during the current coronavirus situation?
“Some families are struggling with challenging work situations. Others are laying low, and some are taking advantage of low interest rates and refinancing options. Home prices are still stable.”
What should buyers and sellers do right now?
“Sellers, instead of putting things on hold, think about the current opportunity. You will still get a good price for your current home, and you can pick up a new mortgage at a phenomenal rate. You could also get a home equity line of credit, and make some value-increasing upgrades to your house. Buyers, I would keep moving forward for similar reasons. It’s just a great time to start a mortgage.”
Should homeowners be refinancing?
“If you have a “high” interest rate mortgage right now, say between 5-6%, and you can refinance into a 2-4% rate, there is no good reason why you shouldn’t do it. Lenders are technically giving away free money. You usually don’t have to go through new home inspections or make any big changes if you are using the same bank. Still, make sure you shop around. Some lenders may require closing costs, others can bake that into the new loan. My clients always give great feedback about Ryan Larson with AmeriFirst. Shoot him a phone call or a text with any questions.”
How do you think the next few months will go?
“No one has a crystal ball, and I couldn’t tell you specifics. But, it’s guaranteed that this pandemic will eventually clear up. Hopefully, much of the world will maintain healthier practices. It’s likely that real estate will remain stable or continue to grow.”
Any more advice?
“Don’t be afraid. Make rational decisions, and you can come out on top. Also, download my brand new KW mobile app. It’s easy to browse homes, and save them to a favorites list. You can talk to me directly, and follow a step-by-step home buyer or seller guide. This app is the best possible thing you can do to stay informed and empowered during this time.”
Thanks for everything, Gate.
“I’m here to help. If you need anything at all, I’ll see you on Zoom.”