DID YOU KNOW???
It’s Your Job to Know…Real Estate During a Pandemic
As real estate agents, we have a duty to remain abreast of current market trends and strategies for serving clients. The coronavirus pandemic has thrown millions of people for a loop, impacting financial plans and postponing dreams. That certainly includes home buying. It is possible to meet your goals when you know how to manage the process. As an agent, you can help your clients get through the process. Here are some Q&A’s from Realtor.com to guide you. Read the full article here.
- Is it possible to buy a house now?
While buying a house today may be more challenging due to health and economic concerns, it is certainly possible. In fact, the U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service that should be allowed to continue. (State orders, however, may overrule that guidance.)
Furthermore, the real estate industry has quickly adopted new technologies to help home buyers and sellers stay safe for as long as this pandemic lasts.
- Is it possible to buy a house now?
While buying a house today may be more challenging due to health and economic concerns, it is certainly possible. In fact, the U.S. Department of Homeland Security has declared that residential and commercial real estate services are an essential service that should be allowed to continue. (State orders, however, may overrule that guidance.)
Furthermore, the real estate industry has quickly adopted new technologies to help home buyers and sellers stay safe for as long as this pandemic lasts. A local real estate agent will have the best handle on what home buyers can and can’t do in your area, so feel free to consult an agent for the most up-to-date information
- Is now a good time to buy a house, financially speaking?
From a financial perspective, there are certainly some advantages to buying a home right now. For one, mortgage interest rates are historically low, which means your monthly housing payments will be lower, too. And putting a property under contract now and locking in a low interest rate gives buyers more control than living in a rental where rents might go up.
Another big consideration on the financial side of the home-buying equation comes down to competition. The coronavirus has dissuaded some home buyers from home shopping for the time being. So buyers who do venture out face less competition, which could put them in a stronger position to negotiate with sellers.
- How has the coronavirus affected home prices?
The coronavirus has the world economy in turmoil. But so far at least, this does not mean that home prices have plummeted across the board or that buyers can lowball their way to a bargain. Instead, in most real estate markets, home inventory remains very tight.
- Is it safe to buy a house now?
While no one can guarantee you won’t catch the coronavirus, the real estate industry has worked to prioritize buyers’ and sellers’ health by eliminating personal interactions almost entirely during the pandemic. Even as different states reopen, you can still do most aspects of the home-buying process remotely, or at a safe social distance, when it comes to your home search that you may not have considered doing in the past.
- Are open houses or home showings allowed?
Local restrictions and regulations will change as we move through the pandemic. Here are a few general guidelines.
- Don’t touch anything in someone else’s home. Ask that the owners open cabinets and closets prior to a showing.
- Stay six feet away from your real estate agent at all times. If the home is small, ask your agent to open the front door for you and wait in the kitchen while you tour the house on your own. You can ask questions via cellphone as you look around.
- Wear protective booties; agents generally provide these even in normal times. Carefully throw them away when you’ve finished touring.
- Wash your hands thoroughly with soap after you leave the home.
Or instead of attending an open house or private tour, you can conduct a virtual house hunt. You can also drive through a neighborhood and check out the area from the safety of your car. Here’s more on how to stay safe during your house hunt.