Your Monthly Real Estate Update - April, 2020
April, 2020 IN THIS ISSUE

Mortgage rates remain flat

Tips for sellers: Hosting a virtual open house with your agent

A CDC recommended guide to disinfecting your home

Mortgage rates remain flat

MCLEAN, Va., April 09, 2020 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.33 percent, unchanged from last week.

“While mortgage rates remained flat over the last week, there is room for rates to move down,” said Sam Khater, Freddie Mac’s Chief Economist. “This year the 10-year Treasury market has declined by over a full percentage point, yet mortgage rates have only declined by one-third of a point. As financial markets continue to heal, we expect mortgage rates will drift lower in the second half of 2020.”

News facts

  • 30-year fixed-rate mortgage averaged 3.33 percent with an average 0.7 point for the week ending April 9, 2020, unchanged from last week. A year ago at this time, the 30-year FRM averaged 4.12 percent.
  • 15-year fixed-rate mortgage averaged 2.77 percent with an average 0.6 point, down from last week when it averaged 2.82 percent. A year ago at this time, the 15-year FRM averaged 3.60 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.40 percent with an average 0.3 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 3.80 percent.

Freddie Mac. ©2020. All rights reserved.

Tips for sellers: Hosting a virtual open house with your agent

Social distancing is affecting businesses all across the country in an effort to stop the spread of COVID-19, otherwise known as the coronavirus. For real estate agents and sellers, hosting open houses and walk-throughs have come to a halt. However, with the help of new technology, it’s easier than ever to give future homebuyers a similar experience with virtual open houses. Here are some tips for working with your real estate agent to host virtual home tours and keep the selling/buying process moving.

Communication is key. First, be sure to keep lines of communication open with your agent to schedule a time for your virtual walk-through. Discuss how this will be conducted, ask questions and come up with a gameplan. Will you be using your smartphone for video? What platform will you use to conduct this process? Which specific details of your home should you showcase? Will you be part of the conversation? Understanding how you and your agent will work together to make this an informative and quality virtual open house starts with great communication.

Tidy up your home. Just as you would for a live open house, be sure your home is clean and clutter free. If you are working from home, be sure to tidy up your desk or work station. Remove any personal items, such as family pictures or eclectic artwork that may skew a buyer’s perception. Stage each room as best as you can, with guidance from your agent. If you have children who are home from school or you have a pet, ask another family member to keep them occupied or keep them in an area of the home separate from the tour. When it comes time to show that area, simply have them move to another room to avoid any potential distractions.

Let your agent take charge. Once you have a plan ready for the open house and your agent confirms the time and date with potential homebuyers, you can start your tour. During the walk-through, mute yourself and let your agent do the talking. Remember, this is a process usually conducted with you, your family and your pets out of the home. Minimize any distractions on your end and let the agent lead this tour. You want to provide the buyers with a genuine open house experience—so be sure to trust your agent through this process.

Allow live Q&A with potential buyers. If the potential buyers have questions, talk with your agent about a live Q&A session at the end of the tour. Again, let your agent take control when it comes to the questions. Unless you’ve previously discussed your involvement in this part of the process, you want to allow your agent to properly do their job as if it was in person. If questions come up regarding a specific space, be ready to showcase that area of the home. Remember to remove your personal feelings when a buyer asks a question, no matter how uncomfortable it may make you. As this virus continues to keep human contact at a minimum, agents and sellers will need to work together to keep the homebuying and home selling process run smoothly. Discuss these options with your real estate agent today.

Source: Reprinted with permission from RISMedia ©2020. All rights reserved.

A CDC recommended guide to disinfecting your home

Here are some tips for properly disinfecting your home to ensure your family stays healthy during this difficult time.

  • The CDC recommends that you clean and disinfect high-touch areas at least once daily as a precaution.
  • Focus on doorknobs, bathroom and kitchen counters, toilet seats and handles, light switches and remote controls.
  • Remove any contaminants and dust by wiping surfaces with soapy water or a cleaning product.After you’ve done that, clean the area again with a disinfecting spray or wipe.

The CDC provides the following instructions for making a homemade bleach disinfecting spray:

  1. Combine 4 teaspoons of bleach and 1 quart of water in a spray bottle and shake.
  2. Spray on what you want to disinfect.
  3. let sit for 10 minutes before wiping away with a wet cloth.

For more information on protecting yourself from COVID-19, visit cdc.gov.

Source: Reprinted with permission from RISMedia ©2020. All rights reserved.

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