The last two months of the new normal stay at home has led many homeowners to rethink the way they live in their home.  It has now become an office for working at home; a school for children; a gym to stay in shape; and a place for recreation.

The repurposing has people evaluating whether their home still meets their needs or if some changes are necessary.  In some cases, adult children have moved back home, and, in others, there are parents who have moved in for the first time.

Staying at home and sheltering in place is necessary but how much togetherness can one family take and how long is it going to last?  Temporary is stretching into longer than expected and even when vaccines and treatments are discovered, will things really go back to the way they were?

A home is a place to call your own; to raise your family, share with your friends and to feel safe and secure.  Covid-19 has changed the scope of feeling safe and secure at home and may now be considered a sanctuary of safety more than ever before.

Many of the chief economists in the country feel that real estate will likely lead the country out of this recession.  The housing market is experiencing low inventory and has for almost a decade.  Building has not kept up with demand and prices of existing homes have continued to go up; 8% over last year.  

With 30-year mortgage rates at close to 3.25% and prices expected to continue to rise, an investment in a home can fit your needs and show returns in satisfaction, comfort, enjoyment, and monetary value.
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If you are going to be spending more time in your home for all the reasons mentioned, maybe now is the time to consider finding a home that better suits your needs. It can be done in a responsible and safe manner using an online meeting with your real estate professional.  Find out what is available and what the process entails to protect you and your family.

Everyone knows someone it has happened to or has heard a tragic story.  It could have been a fire, a flood, a burglary or some other disaster but to file a claim on their insurance, they need the receipts or a list for what is being claimed.

Since you're at home anyway and may even have kids at home who need something to do, now is a great time to get a current home inventory done.  One of the easiest ways to accomplish this seemingly, daunting task is to put together a collection of pictures of every room in your home.    

The more valuable, the more important it is to take a close-up picture.  It will be necessary to open the drawers and closets and, in some cases, to pull things out in order to show everything in the picture.  That's why having someone to help you makes it faster and easier.

Not to get distracted from the job at hand, you may discover things that you had forgotten you had which is why you should do an inventory rather than trying to reconstruct it after the loss.  In some cases, it may be years after you've filed a claim when you remember you forgot some things.

Having photos or videos of the different rooms in your house combined with a list of the items can serve as the proof you need for your claim.

There are other benefits to doing a home inventory also.  You'll know the "right" amount of insurance to have on your personal belongings by assigning replacement costs to them.  It will simplify filing a claim if you ever need to. 
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To organize your photos and even provide a detailed list of higher value items, you can download a Home Inventory in an interactive PDF that you can complete.  You can put it together on your computer and store it online to make it available if the computer is stolen or damaged.

While you're isolating at home, there are things you can do to help buy a home now or in the near future.  Instead of spending time surfing the Internet looking at homes, do the groundwork necessary to be able to purchase the home that you find.
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• There is a lot of documentation necessary to qualify for a mortgage and to be approved.  This part of the homebuying process can be done in advance, long before you even start looking at homes much less finding the one that you want.
  • Assemble all documents to make a pre-approval
  • Photo ID
  • Two months current pay stubs
  • Last two years' W2s
  • Complete copies of checking and savings statements for last three months
  • Copies of statements for IRAs, 401k, savings, CDs, money market funds, etc.
  • Employment history for last two years with addresses and contacts
  • Proof of commissioned or bonus income
  • Residency history for last two years with addresses and contacts
  • Assets for down payment, closing costs, and reserves; must provide paper trail
  • If self-employed, last two years tax returns, current profit and loss statement and balance sheet; copy of partnership/corporate tax returns for last two years if owning more than 25% of company
  • FHA requires driver's license and social security card
  • VA requires original certificate of eligibility and DD214
  • Other things may be required such as previous bankruptcy, divorce decree
• Get pre-approved giving you the confidence
  • Determining the amount you can borrow - decreases as interest rates rise
  • Looking at "Right" homes - price, size, amenities, location
  • Finding the best loan - rate, term, type
  • Uncovering issues early - time to cure possible problems
  • Creating bargaining power - price, terms, & timing
  • Being able to close quicker - verifications have been made
• If using a gift as a down payment, construct your gift letter
  • The donor's relationship to borrower
  • State the dollar amount is a gift and not a loan
  • State that no repayment is required
  • Signed and dated by the donor and borrower
  • Include all contact information
• Build your homebuying team
  • REALTOR® - this person will coordinate the efforts of the other team members to make the transaction move smoothly, without unnecessary delays to close on time.
  • Lender* ... consider a trusted professional you can meet with face-to-face
  • Title company* ... guaranteeing the title and closing on time is important
  • Inspector* ... more than a flashlight and a clipboard

*Your agent can recommend these professionals based on their experience and having worked with them in the purchase and sales of other homes.  This can keep you from getting hooked-up with someone that may not be familiar with the type of home, area, or loans that you might be considering.

​Additional information about the buying process and things that you can be doing while you're waiting to look at homes can be found in the Buyers Guide.

During these unsettling times, sellers and buyers are concerned about staying healthy and virus-free as we all are.  To keep all parties safe, new procedures should be considered regarding the procedure for showing houses.

Agents are reporting that they are selling homes where the buyers have not physically been in the home and base their decision on the virtual tour found online.  Some states have suspended showings because they are not considered essential services and other states have not addressed the subject.

In the spirit of stepping up to do what is necessary, the following suggestions should be considered:
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• Buyers should view the pictures online first to see if the home meets their needs.  Most listing agents upload enough pictures to get a good idea of what a home looks like.
• Buyers should ask their agent questions that the photos don't address.  Then, their agent can go through the listing agent to ask the seller direct.
• It may be possible for the agent or owner to do a Facetime walk-through which would allow the buyers to ask questions and direct the agent or owner where to point the camera.
• When possible, buyers can make an appointment to see the home through their agent.  They should meet the agent at the home in their own car.  No children should attend showings.
• Recommended safe distances will be maintained between the owners and listing agent, if present, the buyers and their agent.
• Transfer is almost inevitable, and all precautions should be taken.  Buyers should carry their own sanitizing wipes and or gloves and avoid unnecessarily touching surfaces.  Allow their agent to open doors and cabinets.
• They should be disposed of in a trash bag in their car after they exit the home.

The social distancing and isolation could present some buying opportunities due to a lack of competition.  At the same time, the lack of inventory in many markets could keep prices high.  Overall, home prices nationwide are stable and, in many cases, continuing to rise which makes it a far less volatile alternative to investing in the stock market.   

With mortgage rates being at historic lows, there will probably never be a cheaper time to finance a home. 

Thank you again for looking at our listings and let us know if we can help you in anyway.
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Please stay safe; wash your hands; practice social distancing and follow all the guidelines necessary to promote good health. We're all in this together!