Real Estate & Mortgage Guidance in the Midst of the COVID-19 Pandemic
As the Fed dropped the interest rate to near-zero percent and the president signed the $2 trillion stimulus package passed by congress, the Puget Sound’s housing market continued to move forward. Despite freefalling stocks in March, and the shuttering of many businesses (albeit temporarily), brokers continued to list homes and help clients place offers on their next.
“Locally, while so many people are affected by COVID-19, we also have such a large percentage of people who are able to continue working from home, and from them, we’re seeing an uptick in (home) purchases. They’re seeing this as an opportunity,” explains Lysa Catlin with Caliber Home Loans.
Caliber has been business as usual during an unusual time. While lenders, like many of us, are working from home, they are still able to help clients receive loans. As Lysa Catlin says, appraisals are taking longer than usual, so they’re often asking for longer timelines to close on sales.
There will be effects of the COVID-19 response in the housing market and lending, however. Lysa believes home buyers should expect to see limitations in types of loans offered, like government-backed loans and jumbo loans. It may also impact some of the smaller lenders, who will be less flexible in what they can offer to keep down payments lower.
Real Estate Operations & the Stay-at-Home Order
We have just received a memo from the offices of Governor Jay Inslee, and it addresses changes to some of the original restrictions of the Stay Home, Stay Healthy Proclamation for Real Estate and Mortgage activities. The amendment is to facilitate the thousands of real estate and mortgage transactions in Washington State and relief to homeowners in distress related to the COVID-19 event.
The memo deems certain real estate and mortgage lending activities under the proclamation and amidst these updates, we remain committed to practicing safe social distancing, proper sanitizing and following the guidelines/protocols mandated by the memo.
The guidelines include but are not limited to:
No open houses (home showings of active listings are by appointment only)
Only two persons are allowed in a home at a time, including the representing agent
In-person meetings are permitted when necessary for showings and document signings
Inspections and appraisals may be scheduled for pending transactions
Buyer walk-throughs for pending transactions prior to closing
Providing keys to buyers at closing
All real estate and mortgage activities must meet social distancing, appropriate health standards and worker protection measures
Our client and community health is our top priority. We will continue to offer virtual tours, video chats, and practice safety measures. The NWMLS has provided us with additional details supporting the memo: click here.
Please don’t hesitate to contact us with questions, to schedule a virtual tour or an appointment following the guidelines listed above.