Featuring an economic and recovery prediction from Chris Masiello and marketing updates from Lorraine DeVaux and Angelia Levesque. Ed Ridolfi moderated a great panel discussion with Lynne Monk (Nashua), Diane Jousset (Concord) and Sarah Allarie (Augusta), addressing seller concerns and overcoming objections in this market.
April and May look to be knowns at this point. Stay-at-home orders are estimated to be in place for all of April, and predictably for May as well.
Housing Inventory levels are weak and should be improving through the April/May cycle of this event
Guidance For Sellers:
If they are comfortable and without any underlying health risk concerns, now is a very good time to have their property on the market, as there is not a lot of competition and pricing remains strong.As we get into May-June-July time frame, inventory will increase dramatically. In pockets, we could see a short-term (measured in weeks) buyers market, switching back to a sellers or evenly balanced market by early fall as inventory burns off.
The full weight and understanding of the economic impact will not be felt until mid-summer
(June-July-August time frame).
The economy will start its recovery in the late fall/early winter time frame as the business community starts to re-engage with their business activities and hirings.
The total length and depth of the economic impact and the subsequent recovery remain too distant to forecast at this point.
Q: As I get multiple offers, how I can vet a buyer's continued ability to buy in this environment of changing guidelines & layoffs, and give my sellers good information to make a decision?
A: Regardless of the lender, agents should specifically ask the buyer (or their agent) if anything has changed (ie: employment or income) since they received their prequal letter. CMG Loan Officers will gladly provide a review of any prequal letters a Masiello agent receives, as well as offer a 2nd opinion on their financing options regardless of who the buyer got the letter or info from.
You can bring your CMG LO in to the mix by having your seller require that the buyer get pre-approved by CMG Financial (regardless of whether they use CMG Financial or not) and, at the very least, you can bring what info you have on the buyer to your CMG LO for an opinion.
Is Now a Good Time to Put Your House on the Market?
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Remember to go to https://www.tmgcareers.com/covid-19-guidance to view the upcoming learning sessions. This is also where we will post links to recordings of past learning sessions as soon as we have them (including today's session on DotLoop with Courtney Dunnell).
Look for the calendar toward the top of the page. It looks like this:
"Renewal requires opening yourself up to new ways of thinking and feeling."
- Deborah Day
Photo courtesy of Diane Jenkins