Tips For Navigating The Housing Market In An Extraordinary Time
March 30, 2020 • By Eric Frey
In normal times, we would be entering the peak season for buying and selling a home. Weekends would be filled with open houses as potential buyers evaluate kitchens, schools, commutes and more.
These unfortunately are not normal times. Residential real estate, like everything else, has been turned upside down. If you are considering buying or selling a home, here are some things to consider.
· Think digital: Social distancing requirements mean virtual tours and vides are the methods for showcasing or touring homes. Technology has advanced to the point that many properties for sale already feature videos or virtual tours. However, videos and virtual tours are not the same as walking in a front door so adjust your expectations in advance. If you want more detail after a tour, be sure to tell your real estate agent and schedule a one-on-one appointment where social distancing rules can be followed.
· Don’t delay: The coronavirus outbreak has changed the way we work. Work from home, or WFH as many call it, is the name of the game. This is essential for health and safety but it does impact aspects of home buying and selling, such as mortgage applications, appraisals and document preparation and execution. Given the current situation, patience is also a good idea as sales and purchases may inevitably move a bit slower due to work from home complications.
· Find a good agent: Flexibility and creativity are essential for a real estate agent in these extraordinary times. It’s important to find an agent that is adapting to the circumstances. For example, we are aware of a situation where a seller’s signature was needed to execute a closing but the seller was in a nursing home with no visitors permitted. Unique times present unique challenges. And not only are tours virtual, you may have to think about virtual closings.
Rules are changing daily which means the processes to purchase, sell and obtain loans are also changing. If you have any concerns, do not hesitate to contact Dischell Bartle Dooley for assistance in these ever-changing times. We wish you good health and the best of luck if you are in the housing market this spring.