Eileen's Blog

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March
31

Greetings from your friendly neighborhood real estate columnist! I can say with 100 percent conviction that I never thought I would be writing about real estate during a pandemic.Derry Township Homes - photo by Nathan Merkel

 

That said, we've got a lot to discuss.

 

Your local real estate office is affected by Governor Tom Wolf issuing all non-life sustaining business in the state to close. As of the writing of this article, our physical office in Hershey is closed, but we continue to work remotely.

 

How is this government mandate and other COVID-19 issues affecting the real estate market? From what I'm seeing, buyers still want to buy and sellers still want to sell.

 

During the week of March 16, there was a spike in homes hitting the market mid-week. That volume dipped by end-of-week, but the number of active listings was still above 2019 numbers. People have confidence that their homes will sell when life returns to normal.

 

Currently, I'm helping a family move to Sun Country from Cumberland County. They found their dream home in Derry Township (and it's a beauty!) and can't close the deal fast enough. They haven't even considered backing out or extending the terms. It's the same story for my colleagues; most people are just "on hold" until processes can move forward again.

 

"At the end of the day," said Jim Spagnolo, Director of Operations for Hershey's Berkshire Hathaway HomeServices Homesale Realty, "if we all do our part and listen to the experts, this is an interruption that may only last a few weeks. People still have their lives to live, cautiously. They are looking beyond these short term, temporary problems, and focusing on bright futures ahead."

 

Our main issue as REALTORS® is the domino effect of dealing with third-party providers like appraisers, lenders, inspectors, and title companies who may be closed or otherwise unable to do their work. Many hands are involved in a real estate transaction and, as you can imagine, a pandemic magnifies this fact!

 

For homeowners and home shoppers, here are a few do's and don'ts during this uncertain time:

 

Do: Be confident that when this all mellows out, the shutdown will yield a robust second half of 2020. Consumer confidence is everything. Standing in line for sold-out TP does not exude confidence. If you read this column, be confident.

 

Don't: Panic. This, too, shall pass. People are still listing homes and still putting properties under contract, even as you read! It's just a matter of working within a "new normal" during a challenging time.

 

Do: Use this time of togetherness to spruce up your home. With the extra manpower of kids and spouses at home, now is the time for DIY and clean-out projects that will help you enjoy your home more and sell it quickly when the time comes. Start in the basement or attic; prepare to donate or throw out what you're not using. Build shelves in the garage, paint the living room, or re-seed your lawn (all of these projects are underway by people I know). That's confidence!

 

Don't: Take a short view. The long-term viability of the market is strong. Mortgage rates are still in the low 3's. It's becoming more of a buyer's market each day; the savvy buyer could pick up a great deal when this clears.

 

It's too early to tell what effect COVID-19 will have on our local real estate market. But friends, we'll make it through. We'll use the time together to re-connect and plan. Our families will be stronger. We'll resolve to save more, live more, love more, and be prepared, come what may.

 

Call me if you need TP; I know a guy…

 

Eileen S. Voyles is a REALTOR® with Berkshire Hathaway HomeServices Homesale Realty. She can be reached at 717-508-4610 or evoyles@homesale.com.

 

https://news.thesunontheweb.com/articles/the-real-scene-12/

 

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