YOUNG PROFESSIONALS BUSINESS PRACTICES
Real estate Post-Quarantine
As Safer-at-Home orders are lifted and we embark on a new normal, what are some changes we may anticipate and how can we prepare for them? by Tracy Wisneski First Time Home Buyer Advantages First time home buyers who’ve remained employed may possibly be the biggest winners post-quarantine. Many were struggling with a glut of multiple offers on coveted entry-level homes before the pandemic. It is a very frustrating process to find and fall in love with a home only to be beat out by another offer; often repeatedly. An anticipated decrease in buyer competition could greatly ameliorate that issue for them. Interest rates are once again at historic lows helping first time buyers get more house for their money, and unlike many other loans, there are still plenty of first time buyer loans allowing for low down payments and moderate credit scores. Sellers are also more inclined to award closing costs now than they have been these last several years, thus helping first time buyers get over the hump of requiring so much money out of pocket. Unlike their homeowner counterparts, first time buyers do not have the burden of selling a home before buying their next home. Many require only 30-45 days’ notice to their landlords in order to move. This not only makes for a much more reliable process, but also for stronger offers without a home-to-sell contingency. How can you prepare? The toughest part will be helping to assuage their fears. Home buying can be scary for anyone, but it is most intimidating for first time home buyers even under the best circumstances. The current uncertainties we all face will likely exacerbate those fears for first time home buyers. Work on strong educational content to help them learn more about the process, the market and their options in order to help them feel empowered. Marketing pieces like this will allow them to feel more confident in
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TAMPA REALTOR® • May - June 2020
the process and in you as a source of information and guidance. We all know the right loan product can make all the difference in terms of affordability, so learn about the various products available to them and partner with lenders who can help them with a loan best suited for their circumstances. There are a variety of loan products and down payment programs, some have just been approved in response to the crisis that can help them make their dream of homeownership a reality. Be the source of information, walk them through the steps and you’ll earn a client for life! Home Sweet Home Since mid-March, most of us have spent more time than ever before in our homes. Many people are working from home for the first time and parents with schoolaged children are homeschooling, as well. Homes are being used very differently than they were before and it’s leading to people considering what kind of home and floorplan works best for this. Open floorplans have been very popular for quite some time, but a fully open space does not lend itself well to multiple people working on different tasks. How can one child be on a Zoom call with class while mom is making business calls, sister is reading and dad is on a conference call? Suddenly, some extra walls make a lot more sense. Homes with spaces that allow for multiple purposes and a little extra privacy will be very helpful. Extra rooms that can be used as office space will also be in high demand. Outdoor spaces like yards, lanais or even balconies will be very desirable. While we’re coming out of quarantine,
