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Covid-19 & Real Estate
COVID19 & Real Estate
COAR members (REALTORS, Lenders, Title companies, Inspectors, Appraisers, Photographers, etc.) are working hard to ensure the Central Oregon housing market operates under the Stay Home, Stay Safe guidelines. We want to keep the market moving but more importantly we want our members and the public to stay healthy.
During this time, you can still search for a home and work with a REALTOR. Most aspects of the real estate transaction can be completed online and through phone/video options. We encourage members of the public to respect the guidelines our members and their offices have put into place during this time. This may mean viewing virtual tours and meeting with your REALTORS and lender online or on the phone.
If you are interested in buying or selling a home, transactions are still very possible. Just be prepared for how you show homes, see properties and complete your transaction to be very different. You can search for a REALTOR to work with here or search listings online here.
Below is information to help you navigate the market.
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Market Information
Over the past three weeks, we have started to see some small shifts in inventory with homes being pulled from the market and a decrease in new listings. Overall, listing inventory is steady. There has been a dramatic decrease in in-person showings as many listings move to a virtual format. COAR has also turned off the Open House Marketing feature in the MLS to avoid promoting large groups gathering.
Information for Mortgage/Loan Assistance
If you have a federally backed loan and are experiencing financial hardship, you may be eligible to delay your payments without late fees, delinquency or foreclosure. These payment delays do not happen automatically and require you to contact your mortgage provider as soon as possible to discuss your options.
Information for Tenants
Both the federal government and State of Oregon have taken action to prevent evictions at this time. If you are unable to make rental payments, contact your landlord to discuss options moving forward. For more information from the State of Oregon, click here (including utilities assistance).
Information for Landlords
Landlords across Oregon are now subject to several different restrictions, as well as some relief from various levels and branches of government. We encourage you to visit Multifamily NW and the Oregon Rental Housing Association for additional information on developments affecting landlords and access to forms that may be helpful to landlords. The Oregon Association of REALTORS has created the following guide to help landlords; COVID-19 Information Affecting Landlords. Due to the new guidelines preventing evictions during this time, prior to taking any action with respect to your tenants, we highly recommend speaking with counsel.
Add Value to Your Home While at Home
If you are interested in selling your home in the future, work with a REALTOR now to add value to your property.
Disclaimer
The Central Oregon Association of REALTORS has created this resource to help provide generalized information regarding real estate and the COVID-19 outbreak for the public to help answer some of the frequently asked questions we are receiving. The information is changing rapidly, and we are not medical professionals, nor are we attorneys. If you have questions regarding you or your family’s health and your activities regarding a real estate transaction, we recommend you speak with a medical professional. If you have legal questions regarding COVID-19 and a real estate transaction, please contact your legal counsel.