COVID-19 is affecting the real estate market but sales are continuing. As stay at home orders keep more Americans physically distant, the real estate industry is rushing to find ways to show properties for those wanting to pursue a home purchase.

Virtual Tools

The use of online virtual tours has quickly increased and in some areas, agents are conducting private video showings. Virtual tools give buyers a feel for home and are leading them to make offers.

Buying without Seeing

A quarter of realtors recently surveyed by the Nation Association of Realtors reported that their clients put contract on homes without physically seeing the property. Buyers who are looking for a home are being very decisive and acting quickly. While offers are continuing for now, the real estate industry warns a slowdown in inevitable while the economy is shut down.

Predictions

“Expect second-quarter home sales activity to slow down with the broad observance of stay at home orders, but sales will pick up when the economy reopens as many potential home buyers and sellers indicate they’re still in the market or will be in a couple of months,” says NAR’s Chief Economist Lawrence Yun. “Home prices remain stable as deals continue to happen with the growing use of new technology tools.” Yun further commented that as of mid-April, 10% of realtors reported the same level or more business activity following the economic lockdown.

The April survey indicated the one-third of Realtors reported no closing delays from the COVID-19 outbreak. For those who did report delays, the top reasons cited were delays due to financing, appraisals, and home inspections.

Home Buying Process

The entire home buying process is being adapted. A home inspector may be on the premises alone and video chat with buyers and their agent to review the inspection assessment. Some appraisals are being completed without a physical visit to the property.

The final walk through prior to closing may be conducted via video, or by allowing buyers to walk through on their own. Buyers are advised not to touch anything, maintain distance of at least six feet from each other, and wash their hands when entering and exiting a home.

It is possible to buy or sell a home today! Let’s talk about your options for buying and selling your home in the current market!

Source: RE/MAX Advanced Notice