Covid 19 and Real Estate
June 15, 2020
Covid 19 has been in the news for months, it’s everywhere you look. Social Media, E News, Newspapers have many articles on Covid 19 but now that things are opening back up, you are thinking about selling your home or buying another. How has Covid 19 effected Real Estate? During this time of quarantine a few things have changed, and the Real Estate market is no exception.
When we went into quarantine the housing market was doing well, it was a seller’s market in most areas. That hasn’t changed yet, but how houses have sold has. First off, you call a Realtor they may now ask you questions, some about your health and may insist that you be pre-qualified before showing you houses. They may also ask that you wear a mask and/ or wear gloves. The instructions to see a house may include not touching anything in the home or only virtual tours. During quarantine virtual tours became extremely popular. It saved the seller and the buyer from possible exposure. Now that things are opening back up, virtual tours are still around. The Seller has the option of allowing in person showings, only having virtual tours or both. If you do have an in person showing the Realtor may open all the doors for you so that multiple people are not handling handles and other things.
Not only has showings changed but closings have changed also. No more do the Sellers, Buyers and Realtors sit in a room, make small talk, and sign documents. Usually the Realtor’s are not at the closings. The closing attorneys have been doing parking lot closings. The attorney has a video call with the buyers, explains everything and then the day of closing the attorney brings out the documents that are needed to sign. The same for the Sellers. This depends on your closing attorney, some are returning to normal, some are still doing the parking lot closings.
No matter how long this pandemic goes on somethings will not go back to being the same. Change is inevitable. Find a good Relator and let them guide you through this process!