Here's How Home Buyers and Sellers Can Get Ahead & Position Themselves for a Post COVID-19 World
According to real estate experts, at the beginning of February the housing market of 2020 was off to a strong start — perhaps even stronger than last year. Then came the COVID-19 outbreak in the U.S. Whereas back in February real estate agents were expecting a booming year, now 44% (up from 5% earlier in the year) of surveyed agents are expecting a slow year. But just as the rest of the world is adapting to these times, so is the real estate market. Older techniques might be impractical with the current climate, but there’s still plenty you can do to set yourself up for success amidst a COVID-19 world.
You don’t have to pause your buying or selling process
Americans nationwide are practicing social distancing measures and are encouraged to avoid gatherings of 10 or more. This might put a stop to certain real estate techniques like open houses and showings. However, real estate agents have already started conducting virtual tours, digital closings, and remote client meetings, while the Federal Housing Finance Administration (FHFA) has provided alternative methods to in-person appraisals. However, whether or not you’ll still be able to legally move forward in the selling or buying process depends on where you are. Some state and local regulations have frozen all real estate services, while individuals are taking their own precautions.
Talk to your real estate agent about whether or not it’s a smart idea to move forward. If so, there are plenty of ways to safely conduct business. Those buyers and sellers who are more technologically advanced may find it easier to navigate virtual showings, closing tools, and meetings, while those willing to take the proper precautions can still buy or sell a home safely.
Virtually buy and sell
If you’re worried you won’t be able to show your home properly during quarantine, there’s plenty that can still be done to lift yourself above the competition. Make sure your home stands out, not just physically, but virtually as well. Videos and photos are going to be more important than ever, so makesure they shine.
Ask your agent for tips on how to record your own video walkthrough and take listing photos with your iPhone. In addition, it’s never a bad idea to send those photos and videos to a professional editor to get them touched up. All the resources are there, so make the most out of them!
Buyers, you’re in the same boat. You may be asked to take some additional steps before showing up in person to a showing — including taking a separate car as your agent, wearing gloves and masks, and refraining from touching anything in the home — but the safest way to do business right now is virtually. Talk to your real estate agent about how to tour homes for sale online and avoid in-person meetings altogether.
Take precautions and follow guidelines
Beyond virtual routes, there are plenty of other ways to prepare. If you’re a seller, limit the number of people you allow per tour, require buyers and agents to drive separately to your property, and ask all participants to wear masks. It’s also a smart idea to disinfect the property before and after tours. If you’re a buyer, do whatever you can to conduct your home search process virtually.
While buyers and sellers alike might be hesitant, it’s definitely possibly to keep doing business despite the pandemic currently sweeping the nation. When in doubt, talk to a top real estate expert like Nina Bhanot to see how you can set yourself up for success amidst a COVID-19 world.
