The current spread of coronavirus (COVID-19) and the efforts to contain it have impacted almost all aspects of daily life – and real estate transactions are no different. Yet despite current circumstances, real estate agents are still seeing sellers and buyers move forward with their plans in what is historically an active spring market.
Precautions have changed, and people are doing life differently, but the demand and decision to buy a home is currently still very strong. Since the end of February, I have 3 buyers under contract, 1 listing under contract and another home being prepare to list for sale soon. Agents in our Hillsboro RE/MAX Equity Group office are also busy supporting both buyers and sellers during this time.
Yet even with willing sellers and eager buyers, the current U.S. government guidelines recommend social gatherings be limited to fewer than 10 people – among other safety measures – which means selling a home this spring may look differently than in years past.
It’s requires being creative and innovative - there are still ways for real estate agents to interact with listing clients and potential buyers by leveraging technology.
Ready to sell? Keep calm and log on.
With COVID-19 at the forefront of many sellers’ minds, for the time being, many home tours will start online. That’s nothing new and can be a powerful tool in marketing a home to buyers. More Agents are increasing their use of virtual tactics, so we're seeing more virtual tours or 3D tours of homes for buyers to view prior to arranging in home visits.
The use of FaceTime or Zoom walk-through tours helps buyers view the home and ask questions about the property. The use of these video tours helps reduce the number of buyers walking through a property.
As many buyers have commented over the years, things can look differently in photos than in person or even a FaceTime call. The video tours can help narrow down properties in a buyer’s price range so they know which ones they want to see in person.
If an interested buyer is ready to visit a property, specific protocols are put in place for the showing appointment. The number of people that tour a listing is limited either to just the prinicpal buyers or only 2 people in the home at a time. Basic health checks, physical distancing, use of masks and gloves are some of the criteria that need to be adhered to while viewing the home.
Agents, buyers and sellers have to be aware and smart – wash hands more often, use hand sanitizer, avoid touching your face and do more calls on speaker phone to avoid phone-to-face contact.
Still weighing your options? Get to work while you think it through!
There are absolutely things sellers can do while we’re being asked to stay home. If you can get to a local home improvement store, get paint and start doing touch-ups around the house. Or begin packing and put your stuff in the garage or basement in a central location. That way as we start to return to a more normalized market, you are ready to show your home.
Read my recent blog post, "Act Now to Prepare Your Home for Sale Later This Year" for more suggestions on what you can do now to get your home ready for the market. I also have some great resources if you are in need of services to help make your life easier.
Be prepared for a market – and world – that is constantly changing
When it comes to COVID-19 and real estate, no one can accurately predict what the future holds. But in the current moment, we are seeing movement in the Portland metro market.
We are experiencing some challenges and hurdles behind the scenes – appraisers are sorting out their own safe-practices, home inspectors are limiting the presence of people at the inspections, title companies are considering creative and cautious options to facilitate closings, and some contractors are limiting their services. All of these may cause some delays in being able to reach the closing date, but only by a few days.
We really won’t know the full effect for a couple of months, but for many Realtors it’s business as usual in a lot of ways as we work to anticipate and meet the new needs of buyers and sellers.
The COVID-19 emergency is constantly evolving. Realtors, buyers and sellers all need to stay informed and continue to closely watch the real estate market's reaction to all that is happening.
Adapted from an Article by Stephanie Visscher, RE/MAX
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