Anxious About COVID-19? Tips for Sellers & Buyers

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Real Estate

Is COVID-19 making you anxious about your home buying or selling decision?


The COVID-19 contagion has created uncertainty in the minds of sellers and buyers alike on property selling and buying. There is a lot of information—and misinformation—floating around, so let me provide you with some tips that will help you make an informed decision.  


For Sellers: 


1. Listing Meetings and Listing Agreements: In these uncertain times, agents are not meeting with sellers face-to-face. Listing meetings, listing agreements, and documents have all been shifted online, leveraging the capabilities of current technology and making it easier for you to participate from your home. The online process is extremely easy to adapt to, and provides you the opportunity to thoroughly review and understand the content of the agreements and the selling process.


2. Open House & Tours: Listing agents are no longer holding Open Houses. We make use of technology to conduct detailed virtual tours. In addition, some agents ask sellers to upload high-resolution pictures of their property to the MLS. There are other options available to you as well. Feel free to inbox me to discuss these strategies, as well as any questions or concerns you may have.


3. Property Inspections: If you are residing at the property you plan to sell, chances are that property inspectors will not conduct an in-person inspection. It is, therefore, vital to include all information about the property in the Seller’s Checklist and Transfer Disclosure Statement. If your house is vacant, property inspectors may do on-site inspections. As circumstances change in response to improving conditions, inspectors may begin to conduct on-site inspections of occupied properties on a case-by-case basis.


4. Vacant Properties: If the listed property is vacant, agents are limiting showings to just two people from the same household. This enhances your chances of a sale, as serious buyers are likely to tour homes even under restricted conditions.

   

For Buyers:


1. Buying at this time: If a home is vacant, your agent can take you and up to one other person from your household to visit the property. Buyers are also able to put in offers for properties without touring by leveraging technologies such as virtual tours and high-resolution pictures.


2. Open Houses: The lack of open houses eliminates the possibility of touring homes on the weekend, as is customary. I typically work with my buyer clients to look for opportunities where it is safe to tour a home. If we are unable to do so, virtual tours are extremely useful.


3. Home Inspections: As mentioned before, property inspections remain uncertain, as occupied properties pose health concerns for inspectors. Due to these circumstances, it would be prudent to opt for an inspection contingency with your offer to ensure that your prospective home is in the right condition.

 

The real estate industry is affected by the COVID-19 pandemic just as much as any other industry. The duration of the Shelter-In-Place order will ultimately determine the future of the market, so much remains to be seen. However, there are still some great deals available—every chaotic market offers hidden gems. Lower-priced homes are in short supply and high demand. Higher-priced homes are selling more sluggishly. If you are able to find the perfect home, go for it. If not, this is a great time to prepare for your home purchase so that you will be in the best position to buy smartly as soon as the economy recovers.