March 14, 2020
6 MINUTE READ
As the world continues to monitor the impact of coronavirus, we want to share a quick update of how Reali is doing everything we can to support our customers and employees during this time.
While our teams are holding the doors open both virtually and on the ground at this time, we are actively monitoring all regions where Reali operates. Our real estate agents are taking proactive health measures during home showings, listing appointments, and open houses.
Reali is offering video tours of homes via Zoom during this time to support social distancing. If you are interested in a Zoom walk-through of a home, please reach out to your Reali Agent.
Do I have to do my scheduled tour over Zoom? I can’t decide whether or not to buy a home based on a video chat.
Our goal with this new policy is to help you determine whether or not a home is worth seeing in person with lower risk of exposure, thereby allowing you to minimize the amount of trips and in-person visits you make. After your video appointment, if you feel the home could potentially fit what you are looking for, we will schedule an in-person tour with your Reali Agent.
We are following all city and county mitigation recommendations, as well as guidelines from the CDC, and based on that, we feel that this additional measure is safest for your area at this time.
Your concerns are completely understandable, and we recommend that everyone follow the city and county mitigation guidelines for your area. If you choose to go to an open house or scheduled home visit, you should always follow the CDC’s recommended safety guidelines for sanitation and protective measures.
However, if you do not feel comfortable visiting a home in person, we are currently offering tours via video conference. Our goal with this is to help you determine whether a home is worth seeing in person, thereby allowing you to minimize the amount of trips and in-person visits you make. After your video appointment, if you feel the home could potentially fit what you are looking for, we will schedule an in-person tour with your Reali Agent.
While there is some uncertainty around the market right now, mortgage rates are currently at a historic low. Additionally, home prices overall are lower than their peak last year. That, combined with unprecedented mortgage interest rates make this an affordable time to buy a home.
Buyers aren’t the only ones asking questions right now. A lot of sellers are feeling equally unsure about whether this is a good time to sell their homes. Because of that, there is the potential that fewer homes could be listed on the market, resulting in lower inventory. However, we have a special service that is specifically designed to handle situations like these. Reali Cash Offer will make your offer much more appealing to sellers and will increase the chance of you getting the home you want, particularly in competitive markets.
With California still experiencing housing shortage numbers in the millions, there continues to be a surplus of demand for the amount of supply. This will continue to drive the competitive California housing market. There are also a large number of new buyers entering the market right now, driven by historically low mortgage rates.
Additionally, in the event of a recession, the likelihood is that your home value would not experience a significant decline. Excluding the exception of the Great Recession, which was housing market-driven, the housing market has historically remained unaffected during past recessions, with the majority of markets (especially California) still experiencing positive growth in home values during those times.
With California still experiencing housing shortage numbers in the millions, there continues to be a surplus of demand for the amount of supply. This will continue to drive the competitive California housing market.
Additionally, there are also a large number of new buyers entering the market right now, driven by historically low mortgage rates. This will likely result in an even more competitive market for buyers.
We are closely monitoring and following all city and county mitigation recommendations and CDC guidelines for decreasing risk to exposure. Depending on the recommendations for your area, we may determine that it would be in the best interest of yourself and others not to host open houses.
In the event of this scenario, we will continue to offer scheduled appointments for buyers to view your home. Additionally, we will take every precaution recommended by the CDC in regards to proper sanitation before, during, and after each appointment.
Your safety and well-being is our top priority. We’ve developed a number of measures to decrease the chances of exposure, per CDC guidelines, but we will do whatever makes you and your family feel the most comfortable.
To decrease the chances of exposure, we are establishing “open houses” by appointment. In place of a true “open” house, we will hold weekend hours, during which prospective buyers may visit your home by appointment, one person or group at a time. We are also taking every precaution recommended by the CDC in regards to proper sanitation before, during, and after each appointment.