Really - Activity Still?

With all that is going on and the challenging decisions governments are having to make, we have been working with the NC Realtors and the NC Chamber to encourage that real estate services and businesses remain open.  There is currently $8 billion worth of real estate under contract in NC, which does not include commercial real estate.  This is important and will help keep the economy moving forward, tax receipts coming and people employed.  So far, in Governor Cooper's Executive Order 120 from March 23, "protecting lives and property" are part of Section 2 and requires local governments to keep necessary services like the Register of Deeds offices open and we appreciate the Governor's actions for this effort.

We are hearing multiple reports from many agents that buyers and sellers are still very active, looking for property, listing property and closing property.  This is great news and a bright spot in our challenging time.  

We are also working on a number of ways to help our clients.  We are doing virtual tours for homes, hosting numerous virtual listing appointment, communicating with clients via phone, email, text, video and other ways,  working on e-documents and social distancing in person.  Plus we are very much open, producing and appreciate your support, trust and confidence.

Most attorneys have put policies in place to limit the exposure to their offices and have gone virtual, with e-closings or only allowing essential people in the offices only, practicing social distancing.  But we are working closely with them and still coordinating multiple closings and will be continuing to do so as we continue to sell real estate.

We are seeing many swings in mortgage rates.  It is important that you have a trusted mortgage lender and we have a team of professionals that we trust impeccably.  Also, there may be some changes on the mortgage application side and with the tax documents a buyer will be sharing with their lender.  As federal guidance comes out, we will be learning more.  For example, where we were seeing a final income check 10 days out before a closing, we are learning in some cases it is two days or even 24 hours.  Timing will be critical so we will be communicating with the lender and our buyers on that as things progress and change.

Appraisals are still moving forward.  Home inspections are still moving forward, albeit, most are with the home inspector only.  Negotiations are still on going.  

While we are in challenging and unprecedented times, we believe we can get through this and rebound rather quickly.  Please do not hesitate to contact us should you need some counsel. Things are changing rapidly and we are working hard to be learned on those changes in order to best serve and benefit you, our clients. 

Thank you for your support, trust and confidence.  

Brooke Cashion and Associates - Allen Tate

 

Can Property Still Be Sold?

244 and 224 - What Do These Numbers Mean?

Real Estate drives a large segment of the economy. It is a tangible asset. Even in the worst of times people need a roof over their head. We thought these stats were interesting and thought you might as well:

In the Triad (Greensboro, High Point, Winston-Salem, NC) market alone over the past 3 days (since the 15 day quarantine was announced) 244 new listings have come on the market and 224 have gone under contract.

In the past 24 hours 94 new listings have come on the market and 55 have gone under contract.

This is a time to be bullish on real estate if you have the financial tolerance. Rates are incredible and there are some lovely new listings hitting the market. If you have been thinking of downsizing or combining households with aging family, there are some phenomenal homes hitting the market.

Reach out to our team for guidance, advice and assistance. We will assist you virtually or in person (while maintaining acceptable social distance of course). So much of what we do is online via electronic signatures, live video showings, online pics and floor plans, etc. We are here to help you and we ask that you help to keep this fragile market thriving!

3% - No Way!

Have you seen what mortgage rates are doing?  Is it time to refinance?  Is it time to consider selling and using the purchasing power for your next home or a second home?  Are you familiar with the current market conditions?

At the end of February 2020, we are seeing the following stats:
-Sales Price - $181,000 near a 10 year high
-Number of Homes for Sale - 4510 near a 10 year low
-Days on the Market - 19
-Percentage of List Price - 99% near a 10 year high

We track market conditions, mortgage rates and mortgage applications and the experts we work with like Luann Davis with Truliant Federal Credit Union and Jeff Pearce with Allen Tate Mortgage tell us volume is through the roof (pun intended) and rates are the lowest in history at or below 3% depending on circumstances.  Of course each person's situation is different but if you have been considering these aforementioned questions, for your security, you really should look into what the answers may be?  One really needs to weigh a number of options and the costs of the impacts before making a decision.  Well the good news is that our team of experts can help you determine the right course of action.  If you need some advice, simple let us know.