Covid-19 and Market Comments

Covid-19 and Market Comments

This past two weeks has been a whirlwind to say the least. Early on, it was simply at times a shock and overwhelming as the corona virus pandemic news became a reality. As we’ve settled into our new environment, I’ve been impressed by the resolve of so many people to adapt and adjust. I hope all are doing the best they can through this. If need anything at all, please reach out. We all need to support and rally around each other.

For those obtaining a loan, this week Fannie Mae provided some temporary alternatives to a traditional full appraisal. These include either a desktop and/or 2055 Exterior Drive By. This new information has many scrambling to determine how this will go in the near term. For the most part, I’ve continued completing interior inspections following the inspection screening guidelines that have circulated among my profession. I’ve been and will continue being proactive with safety precautions at appraisal inspections (keeping social distance 6 ft away from parties (occupant(s) have congregated in one room or waited outside in some cases), gloves/masks/booties, etc. Before any inspection, I’ve discussed the above and screened clients so all parties are comfortable before meeting. If this is not a viable option, an exterior inspection is option as well. 

Regarding the markets, it’s far too soon to gauge how the corona virus will impact the real estate market (both short and long term). Some properties have been placed on hold, taken temporarily off the market, showings limited, etc. This is new territory for us all and only time will tell the story of the impact (if any) on prices, marketing time expectations, buyer pool, etc. It will be very important to analyze active listings and pending sales post crisis date to see if that begins to indicate the market direction. Closed sales prior to Covid-19 may not be the best indicator for current trends. Again, the crisis is a fluid situation and very important to monitor the most recent market data as real estate professionals. Time will tell.

Stay safe out there!

Bryan Lynch
Certified Real Estate Appraiser
Office: 530-878-1688
Bryanclynch@gmail.com
Roseville Office : Auburn Office
www.AdvantageAppraisalsCa.com

Disclaimer: All information deemed reliable but not guaranteed. The information is meant entirely for educational purposes and casual reading only and is NOT intended for any other use.  This information is NOT intended to support an opinion of value for your appraisal needs or any sort of value conclusion for a loan, litigation, tax appeal or other potential real estate or non real estate purpose. This appraiser is NOT a qualified home inspector and any tips are for informative purposes only. If you’d like to obtain and order an appraisal for your specific needs, please contact Bryan at 530-878-1688 for more information.

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