04/07/2020
Have you wondered how Covid-19 is affecting and will affect the real estate market?
A crystal ball would be ideal during the times like this but of course that isn't possible. I can't tell you what will happen in the future, but I can tell you what's happening right now.
Houses are still being bought & sold. Some sellers are letting people walk through their home while others understandably are not. There has been 231 single family homes listed on the market so far in the month of April in Sacramento County. 1555 homes have gone under contract in the last 7 days. I have personally gotten 2 buyers into contract last week and helped someone get pre-approved for a home loan and we will be looking at homes this weekend.
Buyers are still getting pre-approved every day, regardless of the changing regulations. Here are some of the updates:
• The minimum credit score requirement is 580/640 depending on the program.
• If you're a borrower with W2 and are unemployed, you unfortunately have to wait to close.
• Fannie Mae, Freddie Mac, VA and FHA have temporarily relaxed some standards, such as "drive bys" appraisals and alternative income and employment verifications.
If you have any questions on any of this or anything real estate related, PLEASE reach out to me! I am here to help.
Stay Safe😷🙏
