Loan forebearance and kittens!

I hope you're all staying healthy, and surviving whatever version  of "social distancing" you are observing.

A few things, real estate related, to know.

It looks as though mortgages through Fannie Mae and Freddie Mac (the is about half of all US loans) will be eligible to have mortgage payments reduced or suspended for up to 12 months.  Don't just stop making your payments!  Contact your loan servicer to work out a plan.  I'm optimistic some lessons learned by lender in the 2007/2008 financial crisis will help implement this plan quickly.  Rumor has it, you won't have to submit a bunch of paperwork in triplicate.  I believe they are working for this process to be completed by phone.  You will, eventually, have to make these payments.  This is not loan forgiveness, just a break from having to pay if your income has been affected by COVID-19.

If you are a tenant, or housing provider in Multnomah County, the county is placing a moratorium on most residential evictions for the duration of the crisis.  In addition, tenants may pay partial or no rent, not be subject to late fees, and have up to six months to pay back the owed rent.  Non or partial payment of rent would not threaten their status as tenants in good standing.  Currently, the state of emergency declared by the county goes through April 8th, so this policy would just be for April rent. I expect the state of emergency will be extended.

Not so real estate related.  If you have been considering adding a pet to your family, now might be a great time.  With folks around the house MUCH more, your family would have plenty of time to help a new pet settle in.  Or, you might consider fostering for a local rescue group. Also, kitten season is here! this gorgeous mama will be ready to part with her kittens in May.  You can find out more through Animal Rescue and Care.

Lastly, people actually are transacting real estate.  Sincere efforts are being made by all involved to have "clean" showings, interest rates remain low and seemingly folks have more time to contemplate a move. Who knows, maybe being home bound has folks looking for more, or different space.  I am working, just with a bit more space between my clients and me.  If you'd like to look at houses, I'm glad to do so, but let's take our own cars.   Similarly, I'm glad to list your home, but will steer away from open houses.

A funny thing about Zillow

I put a new listing on the market last week; a nice mid-century classic in Northeast Portland, priced at $435,000.  At the time, the zestimate was $429,000 and change, and showed the value had increased $5000 in the previous 30 days (I should have snapped a picture).

Two days after the listing went live, the zestimate was $437,000 and change, and showed the property increasing in value by $13,000. in the previous 30 days.

Today:

This is the same house, over less than a week.

We're looking at offers tomorrow, and I expect we'll have at least four from which to choose.  Zillow can be a handy tool, sometimes, to gauge the general value of a property.  And clearly our pricing is right in the range, though I priced to comps, and didn't look at Zillow until it was listed.

I'll update once the sale closes, with the final selling price.