In the midst of the COVID-19 pandemic, the way we go about our everyday lives has changed drastically and many people who were considering buying a home before the outbreak now have quite a number of questions regarding the process.
Among the most common questions are probably Is it a good time to buy property? or Will house prices drop? We have to say that these are all legitimate and in this article, we’ll do our best to give our readers the answers they need.
First of all, since the beginning of the pandemic, the real estate industry has been considered as a “Critical Sector.” This means that certain security measures have to be applied to fight the spreading of the virus.
The only problem is, buying a house during the pandemic still requires a lot of face-to-face interactions, so here a few things you should keep in mind before you start looking for your next home.
Virtual Tours
In most places, open houses have been suspended. As the option of an open-house showing is currently not available (or not recommended), some realtors replaced them with virtual tours via their websites, Zoom, or Facebook Live. On the other hand, virtual tours are highly advised and have significantly improved since before the outbreak. Tours are now more in-depth and show both the inside of the house along with the outside and the surrounding areas.
Showings and Safety Measures
Schedule a showing only if you are serious. Since realtors have to comply with the new safety measures, showings are recommended to be scheduled only when buyers are serious about the purchase and want to become homeowners. You may also be asked to drive separately from the realtor and practice social distancing during the showing (stand 6 feet apart from each other). Also, if you are feeling sick before the showing, consider rescheduling the event.
During the Showing
In most cases, only one person is allowed in the home at a time with the agent. Realtors should also provide masks, foot covers, disposable gloves, and hand sanitizer. Buyers are highly encouraged to walk with their hands in their pockets to avoid touching surfaces.
Be Responsible
Even though realtors have strict guidelines to stick to when it comes to safety, you should also set your own boundaries and convey them to your agent before scheduling a showing.
Some processes may be exclusively online, while closings may also differ – pre-approvals, disclosures, and purchase agreements will mostly happen online. Closing companies may also choose to conduct their processes remotely, while some will still to them in person. When the latter is the case, social distancing is still a must.
What About Prices?
So far, there’s an evident drop in property transactions, along with property prices too. However, experts are commenting that the latter may just be a short-term effect and that house prices will bounce back. Also, luxury estates are more affected by the pandemic price-wise than lower-priced properties.
The Takeaway
The processes involved in buying a house have changed, and safety measures should be practiced at all times, even though most things happen online. On the other hand, the biggest concern in buying a house might just be the uncertainty of the economy. If you are financially affected by the pandemic, it’s best to wait a bit until your finances are back in check again.
