Don’t Let COVID-19 Steal Your Dream Of Homeownership By Barry Overton
Layoffs, Terminations, Lost Income, Reduced Work Hours. Many people have felt the effects of the coronavirus that hit the U.S. in February. There have been many reports stating, “This virus will kill more people financially than physically.� In most cases, it would be very difficult to look at this pandemic as an opportunity for homeownership or real estate investing As I write this article during our quarantine period, I am still extremely busy with real estate, helping clients to buy and sell properties. While I would much prefer to be at home with my family, I do have a duty to represent my clients. And these are clients who have decided to act in the midst of our quarantine because of the opportunity that was before them. For instance, sellers realize that less people will be putting their house on the market during the quarantine, so it presents an opportunity to sell with less competition when trying to sell your property. The first week of our quarantine, I listed a property on Friday, and in two days, we
were under contract, at a full price offer – all these transactions being done with health and safety measures being performed. There are also chances now for buyers regarding purchasing and while there is less inventory, it does continue to make it a competitive seller’s market. But there are also fewer buyers out there as well. So it’s not as competitive as it would normally be during this time of year. The first week in April, I was able to take a client out to look at properties and we located a property that she wanted to write an offer on. Amid us writing the offer, the Colorado Attorney General’s office decided that in-person showings would no longer be allowed. This presented an opportunity for my buyer because the seller was now in a position where they would likely not get any other showings. They were in a desperate situation. This allowed my buyer to make an offer under the asking price, and request a considerable amount of seller paid closing costs, both of which the seller agreed to, and we went under contract. These two examples show there will be opportunities on both sides
of the fence, as a buyer and a seller. Here’s the best part. It’s not one of those opportunities that you must act on right now. As we come out of quarantine and we go back to a sense of normalcy in our communities, we are going to have to jumpstart our economy. One of the key components to a thriving economy is the real estate market. In order to restart the real estate market, will require many months of lower interest rates. Home builders will be offering several different types of incentive programs to get you to purchase their home, and there will be sellers on the market that are in desperate situations and need to sell their property fast, which means typically, a good deal for the right buyer. On the seller side of the house, you can still expect to see a competitive market on properties that show well and are priced right. Bidding wars will still be a part of the Denver Real Estate Market. The raw truth is, over the next year to 18 months this pandemic will have affected many different people, some in a positive way, some in a very negative ways financially. What that will amount to is opportunity for those that are able to jump on new ventures as they present themselves. The key in the African American community is to be prepared for those occasions when a deal is presented. If you’ve ever thought about owning a home or investing in real estate, the next 18 months will prove to be the best time for you to jump in with both feet. My best advice to you is to get with a real estate professional and learn how to take advantage of the upcoming surge in real estate.. Editor’s note: Barry Overton is a licensed Real Estate Agent since 2001. He started investing in real estate in 1996. For more information, email barrysellsdenver@ msn.com.
Denver Urban Spectrum — www.denverurbanspectrum.com – May 2020
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