Pandemic Makes Home More Important and Essential Than Ever
HOME has always been "where the heart is" or "a place to hang your hat" (pardon the clichés). But during 2020 - 2021 home is where we work, hold zoom meetings, have date nights, video chat with friends, raise our families, and do online school, workouts, and doctor consultations. In many cases, it is also where we shop online instead of exposing ourselves to retail spaces. It has more importance than ever as the hub of our daily lives.
Many homeowners experience hesitancy during "shut downs" and "stay-at-home" orders regarding how to get adequate access to refinancing to maintain and protect their existing home, or just to cover expenses during work stoppages. Some are realizing the need to renovate their existing home to accommodate an office or add study areas but require refinancing to proceed. Those looking to move out of the city centre, needing to upsize due to a growing family, or needing to downsize due to health or income changes may find it more challenging to list or buy another home than was the case before 2020.
And for those first time home buyers the challenges of a hot real estate market are accentuated as they typically have less general knowledge about houses and what features to look out for when buying. In the past they would have had the opportunity to personally attend endless open houses until they felt they were set on what they should and could buy - knowing their Realtor® would be available to provide professional advice when they were ready.
In both situations, your home - present or future - is an "Essential". Refinancing is sometimes the only way to get by during the pandemic and keep a roof over your head. Unlocking the equity in your home to renovate rather than moving is a great option but may require a line of credit or second mortgage. And financing a purchase is a must in this market, especially for first time home buyers.
It is important to know that finance professionals such as mortgage brokers, financial advisors and lenders are considered essential workers during the Provincial Emergency Stay-at-Home order. While you typically will reach out to them online or virtually, their services are available during shut downs much as it was before the pandemic.
What many people are not aware of is that Realtors® and Canadian Residential Appraisers CRA™ are also essential workers in Ontario. There are many ways that these licensed and designated professionals can legally assist you with real estate transactions that meet a very high standard of safety for both you and them when handling your listing, selling, and appraisal needs.
Your home is more important than ever, and because home is essential we are here to help. Please contact us to find out what options are available and what we are doing to keep real estate and financing transactions on track safely. Listing, selling, or needing an appraisal? Time is of the essence - call us today. KMRAA©