The inquiries are starting to increase from those who may need to sell their vacation homes. This week I have had 2 different people. One who has an investment property in the Lakes region of NH. The second has a second home in our Seacoast region of Hampton Beach NH. Two different areas but both similar, worried if they can keep them with an extended "stay at home" order.
Here in NH we have "a stay at home order" but do NOT have "a shelter in place order". We can go out but with caution. Here in NH real estate is an essential service. These two cases are both in a situation where if this is extended, they may need to sell immediately to avoid financial ruin.
Taking the first situation, the couple owns an investment home. Located in the lakes region they have about 10 prime weeks of rentals. They are facing renters who are asking about canceling. They face an unknown if the government will extend the order forbidding summer rentals. Either way they need the rentals to pay the mortgage and taxes. Because it is an investment property, their bank refused to assist in postponing mortgage payments. They wanted to know what they could sell it for quickly. They loved my price and my proposed marketing, but will wait it out to May 1, then they may have to act fast.
In the second situation the couple owns a business. They are self employed as a mom and pop business with n employees. They got denied for unemployment. They are unable to qualify for the SBA loan released today. Right now there is no help for them. They have a large amount of equity in the beach house and are considering selling it to save their business and give them money to live. I let them know what it was worth. They did love the price, but the home was his parents and selling it would crush them.
IN SUMMARY here in NH Real Estate is deemed essential and can be completed with caution. It is possible to keep a distance and stay safe. Both of these couples want to wait to see what May 1st brings. I am sure there will be more in the same or similar situation as them. I am here, ready to help and ready to sell their property when they are ready.
My philosophy is simple, provide more personal and professional service to guide my clients through each step of the buying or selling process. All Agents are not created equal and every buyer or seller should take the time to hire the BEST not just the biggest. Those that hire me, find a dedication like no other.