Here’s what to expect when closing on a home during COVID-19.Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportSelling your home during the health crisis may seem a bit daunting, so if you have found a buyer and accepted an offer, congratulations; you’re almost there! All that’s left is to close the deal. However, the coronavirus has unfortunately thrown a few wrenches into the closing process too. These are the four things sellers should expect when closing amid COVID-19:1. Delays. Lenders have been swamped with processing refinancing applications due to the historically low interest rates, and social distancing and sheltering in place are complicating home inspections, appraisals, and final walk-throughs. This means that each step may take longer than usual.2. Changes in appraisals. Customarily, lenders require those buyers receiving a mortgage to get an appraisal, but to keep sellers safe, Fannie Mae and Freddie Mac have been instructed to allow exterior or desktop appraisals during the health crisis. This is good news, but these procedures could also take longer.“These guidelines are meant to protect everyone.”3. Changes in walk-throughs. Social distancing makes in-person walk-throughs less common, with some being done virtually.4. Delays in closings. Social distancing may also delay closings because some of the title company’s offices are closed, and in-person gatherings of 10 people or more are prohibited. Rather than having everyone gathered in one room, various parties might sit in separate rooms and pass papers back and forth.Keep in mind that most changes in the process are beyond anyone’s control. These guidelines are meant to protect everyone from unnecessary exposure risks.All of us here at the Tami Holmes Team would be glad to assist you in navigating the home closing process amid the coronavirus. We’ve successfully sold hundreds of houses during this difficult time.If you have any questions about closings or real estate in general, please call or email us. We would love to help you.

Southwest Ohio Real Estate Podcast with Tami Holmes

What Should I Expect When Closing Amid COVID-19?

The market is hot right now for buyers and sellers.Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportAre you eager to sell your home? The market is flooded with buyers eager to buy it.According to the latest Freddie Mac quarterly forecast, mortgage interest rates fell to historically low levels during the spring and are projected to remain low. This means there is a huge incentive for well-prepared buyers to strike now. Homeowners looking for eager buyers can take advantage of this opportunity to sell as well.Not only are mortgage rates low, but there’s also a very positive outlook on interest rates going forward, as a drop to 3.2% could be possible in 2021. Thanks to these low interest rates, buyers keep driving the housing market forward. The rebound in the economy has been uneven, but one segment that’s been exhibiting strength is the housing market.Even though buyers are ready to purchase, it’s hard for many of them to find a home to buy. Mortgage rates aren’t the only thing hovering near all-time lows—available homes for sale have dropped off. With housing inventory as scarce as it is (down 20% year over year), keeping buyers in the mood to buy may be tough if they can’t find a home to buy.“The rebound in the economy has been uneven,but one segment that’s been exhibitingstrength is the housing market.”What does this mean for buyers? Competition is hot, so getting pre-approved now will help you gain a competitive advantage and accelerate the home buying process so that you’re ready to go when you find that perfect home. Furthermore, working quickly and efficiently with a trusted real estate professional (like The Tami Holmes Team) will help put you in a position to act quickly.What does this mean for sellers? The motivation for buyers to purchase a house is as high as ever, so listing now before other sellers come onto the market in your area will put your home on the top of many buyers’ lists. With all of the safety guidelines and precautions in place regarding the showing of your home, confidence is also on your side.The bottom line is that whether you’re looking to buy or sell, there is great motivation to enter the housing market. If you reach out to us today, one of our team’s experts will help you every step of the way.If you have any other real estate questions, feel free to reach out to us as well. We’re here to help.

Is Now the Perfect Time to List Your Home?

Keep your home running smoothly with these four spring maintenance tips.Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportSpring is a great time to tackle a few projects around your house, and since most of us are still sheltering in place, there’s no better time than now to get started. When it comes to keeping your home running smoothly, a little preventive maintenance goes a long way.Here are four such maintenance tips, as outlined by this Anita Ginsburg article on RISMedia:1. Replace all of the filters in your home. Many people remember to replace their furnace filters—which will save you from having to deal with major issues down the road—but did you also know you’re supposed to change the filters in your water purifier, washing machine, dryer, and dishwasher? This can lengthen the lifespan of all of these appliances.2. Service the HVAC system. Most of these systems are very efficient, but they must be properly maintained or they will use up an excessive amount of electricity. You might also consider hiring an HVAC contractor to have your system professionally serviced. They can carry out tasks like checking the fluid levels, cleaning the coils, and resetting the thermostat.“Most people are surprised to hear that doorsand windows should be regularly resealed.”3. Remove debris from your gutters. If they get clogged with leaves and other debris, it can cause water to pool over your roof, which can then cause mold, rot, or other serious issues. To clean your gutters, you can either remove the leaves and debris by hand or use a power washer.4. Seal the windows and doors. Most people are surprised to hear that doors and windows should be regularly resealed, and caulk can start to crack after it’s been exposed to extreme temperatures and direct sunlight for a long time. This cracking allows cool air inside your home to escape. This project doesn’t require special tools, and it should only take you a few hours to complete.These four tips are simple enough that most homeowners can do them themselves. Following up on them will save you quite a bit of time and money in the long run, and you’ll reduce the risk of having to deal with a major problem in the future. So get outside, enjoy the weather, and keep your home in good working order!Most importantly, stay safe and healthy. Remember, if you have questions about this or any real estate topic or are thinking of selling your home soon, don’t hesitate to give our team a call. We’d love to offer our expert advice.

Which Home Maintenance Projects Should You Tackle This Spring?

To avoid temperature-related damage to your home this winter, there are a few critical maintenance items you must complete.Want to Buy a Home? Search All HomesWant to Sell a Home? Get a Home Value ReportOur winter weather here in Ohio has been fierce lately. We all know how important it is to bundle up before stepping outside, but have you taken precautions to protect your home, too?“It’s always good to be prepared.”To avoid frozen pipes and furnace failures, there are a few simple steps you should take:Keep your heat turned up Check that your furnace is working properlyReplace your furnace filterMake sure nothing is blocking heat flow in your homeLeave the cabinets underneath your sinks openSeal windows and doors to keep heat trapped in your homeMake sure your fireplace is clean and ready to useReverse the direction of your ceiling fans to pull heat downwardLocate your water shut-off valves so that you can turn them off in case of emergencyHopefully, the cold weather won’t cause any issues in your home this winter, but it’s always good to be prepared, just in case.If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.

Don’t Let the Cold Wreak Havoc in Your Home

Here’s a look at how home values could be impacted by the pandemic.Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportEveryone wants to know what kind of effect the pandemic will have on home values. Buyers are hoping they drop, and sellers are hoping they rise. The present situation has been referred to as “uncharted waters” for a reason. Will record unemployment push many buyers out of the market? Will buyers or sellers stay put because of the crisis? The answer lies in the basic economic principle of supply and demand.

Will Home Values Be Affected by COVID-19?

Due to the pandemic, home building supplies may be harder to get.Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportI hope you’re all doing well during this pandemic, and our thoughts and prayers are with every one of you.Some buyers are concerned about how the health crisis may affect the construction of their new home. One thing that may slow the home-building process is that the builder’s supply lines may have been disrupted during this time. There is a high chance that building supplies will run short.According to the National Association of Home Builders (NAHB), nearly 33% of building materials’ inputs come from China, as well as finished products such as bathtubs, sinks, appliances, and more. This could delay home construction at a time when it had finally picked up. For the last several years, home building has struggled to keep pace with demand because of the cost of construction, lack of available land, and a construction labor shortage. That said, according to the NAHB, home building confidence has skyrocketed in recent months, so builders are more inclined to start construction on houses.“Builder’s supply lines may have beendisrupted during this time.”However, when supply lines are obstructed, it dampens the pace of home building and contributes to home inventory shortages. According to Robert Dietz, an economist at NAHB, the coronavirus does intensify some of the long-term challenges surrounding the supply of building materials. The great news is that low interest rates help support demand, and that will be one of the greatest reinforcements to buyer and builder confidence. At these low interest rates, buyers can afford a nicer, newer, or larger house than they could even a year ago.All of us at the Tammy Holmes Team are here to answer any questions you may have, as well as help you navigate these uncertain times. Call us at (800) 722-2585 or email us; we would love to help you.

Are New Homes Being Built Right Now?

Has the fear of the coronavirus changed the way that agents interact with buyers and sellers during showings, open houses, and listing presentations?Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportNo matter what is happening in the world, people still have to buy and sell homes. So, what are agents doing to keep our buyers and sellers safe during transactions?Many agents have stated that they are handing out bottles of hand sanitizers at open houses and explaining as people enter that they will not shake hands as a precaution. Some have commented that they are taking disinfectant wipes into properties that they’re showing so that they can wipe down any doorknobs or surfaces that they have direct contact with. We can easily show homes while respecting the guidelines for social distancing.For sellers who are thinking about putting their houses on the market but are afraid to possibly expose themselves to the virus, we cater to your needs and concerns. For instance, here at the Tami Holmes Real Estate Team, we can do a virtual interview with you that’s both as interactive and personal as if we were sitting across the dining room table from each other.“We can easily show homes while respectingthe guidelines for social distancing.”During the virtual interview, we’re able to go through our PowerPoint presentation so that you can see what to do to market and sell your home. We will also show you the market analysis and absorption rates so that you’ll have an idea of what homes are selling for in your neighborhood, as well as how long it may take to get the home sold. We even have the ability to do a 3D virtual tour of most of our listings so that it will filter out unnecessary tours of your home.Based on the feedback after a showing, most buyers rule out a home because they don’t like the floor plan or the room sizes. With our 3D virtual tours, buyers will know the floor plan and room sizes, so they can eliminate that home as a candidate if it doesn’t fit their family’s needs best. This saves the homeowner from the time and effort of preparing for a showing that could have ended up with a negative review after the showing. Due to our 3D imaging, some buyers are purchasing our homes based simply on the detailed online tours, and the pandemic may result in increasing numbers of buyers and sellers opting for virtual tours.Here at the Tami Holmes Team, we roll with the punches and focus on what we can do to keep our clients and ourselves safe while we continue to care for their buying and selling needs. Give us a call today so that we can assist you with your real estate plans.

How Are Agents Communicating During the Pandemic?

How has the coronavirus impacted our real estate market?Want to Buy a Home? Search All HomesWant to Sell a Home? Receive a Home Value ReportLet us first say we hope everyone is staying safe during this coronavirus pandemic. Our thoughts and prayers are with you.Now, many buyers and sellers are wondering what effect the coronavirus is having on the real estate market. Prior to the pandemic, our market was already a bit challenging. In some areas, the housing supply had dropped to near-record lows.According to Zillow economist Jeff Tucker, “The housing supply was low, but on the demand side, there is and will be a lot of buyers in the market, based on key indicators of traffic on Zillow and Redfin.”Why is the demand for housing so high? Low unemployment, solid wage growth, and low mortgage rates. A stock market correction, as concerning as it may be, doesn’t change these circumstances. The housing market is very durable, even in full-blown recessions. In some previous recessions, home prices increased.“Experts predict equity growth to slow down compared to what it’s been the past few years,but it’s still a great time to buy or sell a home.”Another thing to consider is that, as the stock market drops, investors look for safer places to park their wealth, whether that means the bond market or actual real estate. Roofstock, a platform investors use to buy and sell single-family rentals, has seen huge spikes in web traffic since the coronavirus outbreak. This supports the idea that global investors look for less volatile investment options. If investors think it’s a good time to put money into real estate, maybe we should follow suit.The coronavirus is the wildcard in our real estate market, and if its impact is prolonged and produces a minor recession, it could put a damper on demand. The bright side is that buyers in competitive markets would have a better chance of getting a home.We don’t want to induce fear or panic. Based on everything we’ve read, we seriously doubt there will be a drop in home values. Experts predict equity growth to slow down compared to what it’s been the past few years, but it’s still a great time to buy or sell a home.If you have questions about our market, don’t hesitate to reach out to us. We’re here to calm your fears and assist you in buying your dream home or selling a home that’s no longer a good fit for you. We’re here to help.

What the Coronavirus Means for Our Real Estate Market

If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from The Tami Holmes Homeselling Team- your professional Southwest Ohio Real Estate Agents.

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Southwest Ohio Real Estate Podcast with Tami Holmes

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