Everyone is
being affected in some manner by the outbreak of Covid-19 coronavirus. During
this time, buyers will have more questions than normal about the home buying
process and their ability to buy a new home. While we can’t predict what the
next few weeks and months will bring, the more we can educate ourselves, the
better we can help buyers navigate the buying process smoothly during the
pandemic. Here are a few common buyer questions as they related to the
Coronavirus outbreak and real estate answered.
1. Can we
still go see home listings in person? – This is the hardest question to answer
and it will depend on the home, the seller, the agent and any fast-changing
governmental policies put in place. Agents should be able to offer a Skype or
Face Time home tour virtually. Talk to your agent to find out what they have
available for the buyers to prescreen the home virtually before setting up the
visit; they might have virtual tours already available which can help rule out
those that don’t suit their needs.
2. How can I
stay safe while visiting homes? – Everyone’s health has to be the priority;
this includes the buyers, sellers, and agents. If you are going to see a home
in person during this time, carry hand sanitizer and wipes to use before,
during and after the tour. Drive separately from your agent meet at the homes.
During the tour, designate one person to open doors, drawers, and closets and
use disposable gloves during the showing.
3. What
happens if I lose my job during the escrow period? –Most real estate contracts
include a contingency that protects the buyer in the event they can’t get final
loan approval and close the loan. Typically during the process, this
contingency is removed after a set time frame, or after receiving the loan
approval. Since every aspect of real estate is negotiable, consider asking for
the contingency deadline to be extended and in place until the close; talk
through this aspect with the seller and their agent in advance to set the right
expectation.
4. Will I
still have access to the home during the escrow period? – It’s very common for
the buyer to have easy access to the home during the escrow period; home
inspections, appraisals and just measuring are all common reasons to visit the
home during escrow. Consider grouping these activities whenever possible.
5. Will I
get a better deal if I wait to buy a new home? – We all know there’s no crystal
ball, but with everything that’s going on, sellers on the market should be very
motivated to sell. There are also historically low-interest rates on home
loans. There is no way to predict the future, so if the right home comes along,
it makes sense to consider it.
The Covid-19 outbreak is causing some uncertainty among home buyers, sellers, and even agents. However, with the use of technology and following best practices, you can still find the home you’ve been waiting for during this time.
There are so many questions and concerns amid the Covid-19 coronavirus outbreak. The real estate market is especially hard hit and sellers are concerned. Real estate at its core is a people business. It relies on person-to-person interaction and the coronavirus necessarily limits this contact. As the spring selling season gets started, home sellers will have questions and it’s important to acknowledge concerns and offer practical advice and concrete information to help sellers make the best decision for themselves and their families.
1. Should I still try and sell my home? –
Of course, there are many aspects to this question. First and foremost, the
health concerns of the sellers’ family have to be taken into consideration.
Unless absolutely necessary, the elderly and those with underlying health
issues should not allow unnecessary people into their homes; including buyers
and agents.
If the
household is essentially healthy and not considered high-risk, then this could
be a great time to sell. Consider the advantages of lower inventory coupled
with low-interest rates; as listings become rarer, the remaining inventory will
get more attention which could create better offers.
2. Is it safe to have people through my
home? – This is certainly a concern, but there are practical steps you can take
to ensure safer home showings.
3. What can I do to protect my family
during showings? – Protect the home, family and visitors alike by taking the
following precautions.
a. Keep hand
sanitizer at the front door to offer buyers and their agents when they enter
the home.
b. If there is a
guest bathroom, keep disposable hand towels and soap for guests to use and make
the request known to the showing agent.
c. Offer
disposable gloves for use with a receptacle for used gloves.
d. Limit the
showing days and hours so you can properly clean between showings.
e. Have cleaning
wipes handy. Request agents to wipe surfaces, door handles, and banisters which
are touched during the showing.
f. Ask your
agent to offer virtual showings or host virtual open houses
4. What happens if my buyer loses their
job? – Most real estate contracts include a contingency for the buyer loan
approval and funding. Now more than ever, it’s critical to keep that
contingency in place. In the unfortunate event the buyer loses their job or can
no longer qualify for the loan during the contingency deadline, the parties
cancel typically cancel the contract.
5. Will I get a higher price if I wait to
list my home? – The truth is no one knows. We don’t know how long or short the
crisis will be and we don’t know how the financial market will weather the
outbreak. While this is a question the seller will ultimately need to decide,
the old adage about a “bird in the hand” is important to remember.
This spring selling season has proven to have unique circumstances –please contact your real estate agent to learn more about the current outlook and opportunities in your local market.
