What is COVID19 doing to real estate?
Home Buyers Can Still View Homes – In Person
After the Governor’s office announced that Nevada is under a 30-day shutdown on March 17th, there was panic.
Our office has confirmed that Real Estate is considered an essential service. They don’t want us to spend time at the office unless necessary. If we need to meet a client, we can use the conference room. We’re asked to leave the door open. We have to stay six feet apart from whoever we’re meeting. And we have to wipe down everything we touch before leaving. While our office is open, it is open by appointment only.
It is changing the way we do real estate. I’ve always preferred having my buyers ride in my car so I can tell them about the communities and the amenities. I won’t be doing that until this is over. We’ll take separate cars. No handshaking. Since I touch doorknobs and stuff, I plan to be wearing disposable gloves and carrying wipes.
I’ve never been a fan of open houses, but our office has suggested that we stop doing them during this time. I wouldn’t suggest you visit the ones you do find during this time either. Too easy to have someone you don’t know stand closer than they should.
A few tips
If you or someone you know has a few issues on their credit report, this is an excellent time to challenge them. If you challenge something, the reporting agency has 30 days to respond. If they fail to respond, it automatically gets removed. Great time to straighten out credit issues.
It could be a great time for an SBA loan if you own a business
A declaration of disaster for NV was signed. That makes NV businesses and non-profits eligible for SBA disaster loans. sba.gov/disaster
Typically, SBA guarantees bank loans for businesses. Under the disaster program, the lender of record is the SBA.
It’s a seamless process you should check out. It could be a huge difference-maker for you.
What’s a small business? Anyone not publicly traded in the state of NV. You shouldn’t exceed 500 FTE employees or over a certain amount of revenue or income per year.
Great time for buyers. I checked and, in the last seven days, we’ve had 1458 new listings come on the market and 920 properties have gone under contract.
I’ll be surprised if the number going into contract doesn’t continue declining. Most out of town buyers are canceling trips to Las Vegas. Most local buyers are too nervous about the shutdown. So that makes for an opportunity for buyers.
If you have time off work and are looking at buying a new home, it’s a great time. Will be happy to show you the options while you’re off.
Lenders are still working. Even if you’re not buying, it’s a great time to refi. If you want a quick quote, call me for a referral to a lender with great rates. If you refi now, you wouldn’t have another payment due for months.
Appraisers and home inspectors are still working.
The County Recorder’s office is open so deals can get closed. Most title companies have worked it out so they can issue a Title policy even if the recorder’s office closes.
In the link attached are all the current emergency orders that are in place for the State of Nevada
I’ve stocked up on supplies for the house and won’t be going out except for work. Let me know if you need any assistance with Las Vegas Real Estate.
Stay healthy, safe and don’t panic,