Navigating Real Estate Amidst COVID-19

With the COVID-19 outbreak, there are many questions out there as to how it will impact your life these next couple of months. If you are in the middle of a real estate transaction or considering buying or selling home, there will be impacts. Our hope is to offer you the best information during this time, provide guidance and help out in any way we can.

IF YOU ARE IN THE MIDDLE OF A REAL ESTATE TRANSACTION

There may be a disruption in your closing. There has been talk about a national 14-day shutdown. If this occurs, recordings at courthouses will be a part of that. The title companies we have spoken with have said they will shut down if the courthouses do. The best thing to do in this situation is to keep in touch with your agent for updates and be patient. If you are currently renting it’s probably a good time to talk with your landlord about the potential of staying longer if you are unable to close at your expected time. Closing on a home can be a stressful time in the best of situations, so be patient knowing this will be temporary.

FOR SELLERS

We all know the Bozeman real estate market has been strong and we anticipate this to continue through the course of this event. If you have your home listed it would helpful to consider flexibility in contract dates while things are in flux. Working together with buyers and taking into consideration that closing dates, appraisal dates, and inspection dates may change during this time. It might be a good idea to postpone any open houses and group tours. If you are comfortable with having showings at your home, perhaps provide hand sanitizer at the door because people will be walking through your home. Another option is having your agent create a video walkthrough or 3D tour for potential buyers rather than having in-house showings. If you have listed your property with our office, we have likely already completed a 3D tour of your home. We are shifting our marketing to promote these 3D tours as a way for potential homebuyers to see your house without putting themselves or you and your family at risk. Click here for more on how we market your property.

FOR BUYERS

If you plan on making an offer on a home, stay flexible with contract dates knowing things can change quickly right now. There may be some disruption in inventory so remain patient. If you don’t feel comfortable going on home showings, ask your agent to do a video or a 3D tour for you. On a positive note, mortgage rates are expected to drop to historical lows.

No matter what part of a transaction you may be in, please be extra considerate and courteous to all of the parties involved in that transaction. You will not be the only person feeling the adverse effects of this event on the transaction. The better you are at working and compromising with the other parties, the more successful the overall transaction will be.

At this time the Bozeman Real Estate Group agents and staff are available by phone and email and will be in close contact with their clients during this time.

Be sure to stay informed with the best resources, some of which are listed below. We are incredibly lucky to live in a community like Bozeman where we look out for one another. Let’s all pull together, be patient and above all be kind. In Montana, we pride ourselves on being good people who look out for our neighbors, so let’s not disappoint. If you’re feeling anxious, consider volunteering and put that energy into something good. The Gallatin Valley Food Bank, Family Promise, the Senior Center, and the Help Center will all be looking for volunteers to help those most vulnerable in our community. Click here to read our post 5 Ways to Support the Bozeman Community During COVID-19.

Want more?

How will COVID-19 Affect Bozeman's Real Estate Market? | 10 Fun Things to Do at Home While Quarantined

RESOURCES

Montana Department of Health and Human Services
World Health Organization
CDC