As we all know, the Coronavirus has invaded our lives and shut down what we considered normal. In the real estate industry, however, it’s certainly changed, but it hasn’t stopped. Read on to see how home buyers and sellers are still (safely) making the process happen.
It’s how we’ve had to live, shop, dine and school. And it’s also one of the biggest changes in the home buying/selling process. Because of the 6 feet distancing, the normal face-to-face interactions of open houses and home tours has become a challenge. Which is why there is an increase in virtual home tours, videos and meetings with realtors in Myrtle Beach. If sellers are comfortable with hosting a showing, there should still be precautions in place, such as:
- Having no more than 10 people in the home at one time.
- Requiring 6 feet distancing between those 10 people.
- Having hand sanitizer available at the home’s front door.
- Wearing masks, gloves and booties.
- Asking guests questions upon entering, like if they feel sick or travelling out of state.
- Turning on lights and opening doors before the showing to limit physical contact.
- Sanitizing all surfaces, doorknobs and handles between showings.
Less competition for buyers
Because many other buyers are experiencing travel restrictions or home quarantines, there’s less competition for pursuant buyers, which also means less bidding and more opportunities for price negotiations and closing dates. Buyers may also be able to get lower mortgage interest rates.
Less confidence for buyers
There are so many situations up in the air for buyers nowadays, such as losing a job or being laid off, which would affect qualifying for a loan – or even shopping for a home. There’s also a lack of confidence in buying a home based on a virtual showing and property sight unseen.
Less competition for sellers
Inventory is low and buyers have more time at home to search for homes for sale on the internet, which means for attention to a seller’s listing. With that in mind, sellers need to be prepared to present their home virtually with the best professional photography and technology for that first and lasting online impression.
Online mortgage loan approvals
Rates are low and more banks are conducting the approval process online because of social distancing and safety issues. Certain loan standards are also becoming more lenient, such as allowing for exterior or “drive-by” appraisals, property inspection waivers, employment verification via email instead of recent pay stubs.
Even though many loans are waiving property inspections because it requires the inspector to enter the home, you should still have an inspection done. An inspector will be able to detect any of the red flags you’ll want to know before purchasing the home, like expensive problems with the foundation, roof, electrical, plumbing and HVAC.
Rely on a real estate agent
Your best partnership during this time is a real estate agent, who can practice social distancing and provide the best in customer service and video technology needed for selling your home or buying virtually (meetings, closing signatures, lockboxes). Your agent can also offer the emotional support that is especially needed nowadays – the voice of reason during uncertain times.
Contact Paige Bird at 843.450.4773 or firstname.lastname@example.org to schedule an appointment to guide you through the process of buying or selling your home.