Post-COVID in the Real Estate World
As restrictions slowly lift and more businesses open to the public, people are more confident in returning to regular activities, including real estate transactions. While the housing market didn’t come to a complete halt, operations slowed in response to COVID-19. If you’re one of those buyers or sellers feeling confident in entering the market, here’s what things are like in the post-COVID-19 real estate world.
Virtual-everything is still the name of the game to continue to reduce the person-to-person contact in real estate transactions. Buyers should be prepared to do a great deal of homework before seeing a property in-person and expect to tour fewer properties in-general. With Delmarva Realtors working with sellers to complete thorough visual portfolios to enhance listings, buyers have more information at their fingertips. The abundance of online tools allows buyers to narrow-down prospective homes before requesting in-person showings.
Sellers can expect less person-to-person contact throughout the selling process as well. Many agents and settlement companies have adopted electronic document signing platforms, from the listing agreement to closing paperwork. Your agent may ask you to take a video of certain areas in your home in response to online buyer questions, which, while strange, reduces the number of strangers coming through your home.
With many states still limiting gatherings, many brokerages will continue to offer both virtual and in-person open houses for the foreseeable future. Video streaming platforms are making it possible for dozens of people to tour homes without ever entering. Buyers should note that most virtual open houses are scheduled tours rather than the traditional drop-in. Agents begin at a specific time, streaming their walk-through and fielding questions as they go.
Are You Ready To Sell?
Sellers also need to consider their circumstances when deciding whether or not they’re ready to sell their home. Are you able to commit to selling your home? This includes everything from making repairs to conducting your house hunt.
Given a choice between selling this year or next, this year is the year to sell. Like it or not, the economy is heading towards a recession. Unlike in 2008, when the housing market collapsed, the coming recession does not have roots in real estate. However, anytime the economy takes a plunge it creates uncertainty in the housing market. Selling your home sooner rather than later means you’ll be selling in a more predictable market.
Another factor to consider is that the housing market continues to favor sellers, which will begin to shift as the economy starts to change. Selling now also means taking advantage of earnest, more qualified buyers. The majority of buyers house hunting right now are determined to purchase, and stricter lending requirements mean the pool of potential buyers is highly qualified. It’s a great time to sell.
For more on COVID-19 and the real estate comeback, check out HomeLight’s Top Agent Insight Survey from Q2.