How Can I Buy or Sell a House During COVID-19?
It has been over 100 years since there was a pandemic that was the same size and scope as COVID-19. It is no surprise that people were a little more conservative with their spending and extremely cautious with their interactions with others. In these uncertain times, there is no right or wrong way to prepare for what is to come. These new norms of social distancing and scrutinizing expenditures has made real estate transactions more difficult. No matter if you are trying to sell your home or find your next home.
Still, real estate transactions were happening on a daily basis, and those that were adjusting their approach to meet the new norms found themselves successful. Here are a few ways to help you navigate a real estate transaction during COVID-19.
1. Partner With An Experienced Real Estate Agent
Seasoned agents didn’t let the pandemic wreak havoc on their transactions. There probably was a pause to observe and adjust, and those that did still found ways to be successful. This included the incorporation of new digital mediums, such as virtual showings and digital agreements and signatures.
2.Home Inspections
Prior to COVID-19, in most cases the buyer was the one responsible for booking and paying for an independent property inspection. It is still acceptable now, but if you want to increase your chances of selling a property, having a completed unbiased inspection available for potential buyers to review will increase your potential of selling your home quickly at this time.
3. Detailed Measurements
No matter if you’re selling or buying a home, having access to accurate detailed measurement gives a good understanding of the home and each room, especially if viewing the property is not an option for some time. Having a video or 3-D view of the home online is a great feature that any potential buyer will take advantage of during their preliminary search.
4. Have Shorter Closing Dates
The best way to sell or buy a house during COVID-19 is to choose a limited closing date. It decreases the risk associated with closing a deal. Many real estate agents recommend you opt for a 30 day closing and avoid anything that goes over 60 days.
5. Adjust to New Norms
The main challenge this year was keeping up with the social distancing regulations. The traditional open house was not a viable option for showing a home to multiple potential buyers in a short period of time. Utilizing technology for virtual showings and online open houses still got buyers engaged. Opening up to the possibility of digital closing documentation and electronic signatures and offering to have keys picked up from a lockbox versus in person.
There is no denying that buying or selling a home during COVID-19 has completely changed the process that was considered standard pre-pandemic. However, by partnering with a professional real estate agent that has adjusted their approach to the new norms of real estate sales, you can be successful.
