Jim Valentine: COVID-19 continues, but market is busy
The COVID-19 pandemic continues to affect our lives in ways we don’t necessarily totally understand yet.
When things were shut down plans to protect tenants from eviction and landlords from foreclosure were put in place immediately. Time goes on and many of those protection policies have been extended, but the consequences aren’t really clear.
There is estimated to be over 100,000 foreclosures ready to happen in Nevada when the foreclosure ban is removed. There are rumors of further protection for the tenants, but how long can this go on? Such tenants are living in their house, the landlord is paying on a mortgage and/or relying on the cash flow from the tenant. How can a governmental hand simply be waived and the cash flow stopped. Something to ponder. No easy solution.
Rental properties still can’t be shown due to COVID governmental policies. A landlord who is having cash flow issues or simply wants out of the property is faced with the task of finding a buyer willing to buy their property without looking at it unless the tenant takes pictures on their own and without coercion. Fortunately, there are out of state investors looking to transfer their equities to Nevada that are willing to buy with these restrictions.
Real estate is a business of communication. Facial expressions are one of the best ways one person reads another to enhance the communication between them. COVID masks have made things interesting in this regard for half the face is now covered up. Smiles, frowns, twitches, etc. are no longer visible. The eyes and their brows above say a lot, but only deliver part of the message.
Shaking hands used to be the initial interaction between business people, but not now nor for the foreseeable future. Talking through a mask is interesting in itself for the words are muffled and lip reading assist is not available. Add hearing impairment to the mix and we find ourselves having some interesting interactions with Buyers and Sellers.
For having a pandemic going on things sure are busy. That means that the escrow and title officers are busy, inspectors are busy, loan officers are busy, etc. With the extra COVID precautions everybody is taking things aren’t as smooth as they usually are, and they are busy to boot.
The result of that combination is easy to surmise, there are delays, a few oopses, and frustration along the way. Keep your cool, keep cooperating, and stay on course to your objective, the close of escrow. Keep your smile wide behind your mask and be the one they want to help. You’ll get there eventually and will enjoy the memories of these special days for years to come.
People are using the Internet to search for properties like never before. Once they get the hang of it they are incredibly efficient. It is good that they are since they have a lot of competition from other buyers. They can find a property and alert their agent to it right away so they get in early and increase their chances of buying the property.
There is a new type of offering in MLS, “Coming Soon.” It is a tease and can be frustrating, but it can help you avoid compromising your standards by stopping you from offering on something today that you really aren’t fond of. No guarantee the coming soon property will be there when scheduled, and you’ll have more competition due to the lead up. It is in play, however, and you should know about it.
The real estate industry is alive and well in Northern Nevada. It is competitive so you need to be active, proactive, and diligent in your plans and actions. Identify you wants and needs, focus on the needs, and make it happen. You, too, can find your ideal home in this market.
Meet the agent at the house, disinfect, wear a mask, minimize touching, keep your distance from others, close it up and disinfect. These ae the good ole days and you will certainly remember them.
When it comes to choosing professionals to assist you with your real estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. email@example.com