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July 2020
My How Things Change!
Highlights about home selling-buying during Covid-19

In January, we predicted a strong spring and summer selling season. We were right- the market is strong, interest rates are low, and buyers are competing with multiple offers. What we couldn't predict was Covid-19. Due to mitigating factors, Covid-19 has not put much of a damper on the summer selling season but the process has changed from start to finish. We want to highlight how some parts of the process are being handled differently as it looks like these protocols are here to stay for the foreseeable future.

  • Showings: Virtual touring is a viable option. We can do FaceTime or recorded video tours if you prefer to limit your exposure. There is no substitute for an "in-person" visit but this is a tool if you prefer to minimize outings.
    • Sellers: To minimize buyer touchpoints, you can open closet, cabinet, and storage doors, and turn on lights. Leave sanitizer at the entry door if possible.
    • Buyers are guided to social distance, wear a mask, sanitize as they enter, and to touch as little as possible while touring the home.
    • Open houses: Facebook Live or other streaming methods are low-risk options.
 
  • Appraisals: When we shut down in March, government-backed loans were allowed to use "drive-by" or "desktop" appraisals for health safety. Appraisers did not have to enter homes and they could rely on historical property valuation information as well as comparable homes through online images etc.  This may return if we experience another shutdown. Appraisers who enter your home should adhere to current CDC guidelines.
 
  • Home Inspections: Home inspectors are guided by their associations regarding adherence to CDC guidelines. Over the past few months, they have asked that only the buyers attend the inspection (no family members or agents if possible) and that the sellers vacate the home during the inspection. Buyers and agents are kept in the loop with follow up phone calls and extensive photos of the property. American Society of Home Inspectors Guidelines
 
  • Entended Loan Process: Due to the changes in how each part of the loan is handled, lenders can take longer than the typical 30-45 days to close a loan. A large number of homeowners are refinancing and buyers are out in force too, all are taking advantage of lower interest rates. Be prepared in the event it takes longer to close. Pay attention to your interest rate lock-in timeframe. Talk to your lender at the start about how long they expect the process to take.
 
  • Closings: Protocols vary. Here are some options we have seen: In-car closings curbside, video/remote signings from anywhere, in-office signing with buyer/seller in different rooms, in-office signings with plexiglass partitions. Agents may or may not be allowed. At Parker & Klein, if we cannot attend, we review the documents in advance of closing and we are available by phone for questions during the closing.
Please let us know if you have questions or concerns about the buying/selling process during Covid-19. We will work with you to address those concerns and support you so that you can continue to move forward with your home buying/selling plans in a safe and healthy way. 

Nine Penny Branch
Take a hike less than 1 hr trip
Suggested by FB friends!
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Tioga Falls
Westpoint, KY
Great for kids
Link Here


 
8116 Montero Drive 
$399,000

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373 Crescent Spring Drive
$160,000

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114 Crescent Avenue E4
Under Contract in 1 Day
$129,900

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404 Stilz Avenue
Under Contract in 1 Day
$300,000

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2530 Taylorsville Road
Under Contract in 2 Days
$225,000

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3052 Nadina Drive  
Under Contract in 2 Days

$189,000 
LEARN MORE
 

Pending Listings

  • Mayo Lane, Lot
  • 3606 Sasse Way
  • 404 Stilz Avenue
  • 2530 Taylorsville Road
  • 405 Cherry Point Drive
  • 3052 Nadina Drive
  • 1231 Rammers Avenue
  • 3406 Charlane Parkway
  • 3036 Lexington Road

Recently Sold

  • 4704 Haeringdon Court
  • 12100 Redspire Drive #202
  • 12918 Willow Forest Drive
  • 2408 Galloway Court
  • 7007 Shallow Lake Road
  • 7306 Grand Isle Way
  • 4405 Spring Bay Drive
  • 3800 Fenholt Road
  • 4516 Accomack Drive
RATES
As of July 17, 2020

2:00 PM
Courtesy: Republic Bank
 
Conventional 30 YR. 3.000% 
No change since last month

Conventional 20 YR 3.00%

Conventional 15 YR. 2.75%
No change since last month

FHA 30 YR. 3.15%
Down from last month

 

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