There is no doubt about the fact that the coronavirus pandemic makes so many industries around the world adapt to new ways and conditions of doing business. The real estate industry is no exception.
Today, a great number of homeowners who planned to sell their property give up this idea due to the current economic instability. The coronavirus hit the market just at the beginning of the spring season which is usually the most appropriate time of the year for buying and selling property.
People have no option, but to stay home in order to minimize the chances of contracting the deadly virus. Due to the coronavirus outbreak some people lose their jobs. As a result, they can’t afford buying property any longer. So, are there any chances that the real estate’s spring season will be successful?
Real Estate Market is Slowing Down due to COVID-19
Obviously, the coronavirus pandemic has a negative impact on the real estate market not just in the U.S., but around the globe as well. The property market usually has two selling seasons – spring season and fall season. The spring season starts in mid-January and lasts till July. The fall season begins after Labor Day and ends right after Thanksgiving Day. Most experts believe that the real estate market will be busy in summer this year due to the constantly changing coronavirus situation.
The real estate professionals predicted that home prices would increase by more than 4%. Now, they are not ready to make any predictions. One way or another, houses are still being listed. Luckily, not all buyers have been deterred by the current economic situation. People want to buy property. However, today there are some new rules and guidelines regarding the process of buying and selling property. What are they?
Taking Precautions While Selling Property
Due to the coronavirus pandemic some open houses have been closed. The others have new rules that must be followed strictly. Despite the growing fears and concerns, agents, buyers and sellers still try to do business. These days, fewer people are allowed to visit open houses. Those who come should leave their shoes behind the door. Using hand sanitizer is another important rule that can effectively reduce the risk of getting infected.
Prospective buyers visit homes where all doors are open and all lights are on. So, there is no need to touch anything. They can wear gloves as well. Moreover, the buyers are asked to avoid touching kitchen cabinets, bathroom fixtures and other surfaces. It also makes sense to avoid shaking hands amid the coronavirus pandemic. Some real estate agents use disinfectants to cleanse knobs, switches and other surfaces before and after each showing. These measures will help to stop the spread of the deadly virus.
The property agents may ask potential buyers to register beforehand for visiting the open house. This step allows the real estate agents to get in touch with the buyers and determine their intentions. If the buyer is really serious about purchasing the property, he will be invited. In this way, the agents will avoid dealing with too many people. But what if you think about purchasing a house, but do not want to visit it? Are there any other options to see it?
Virtual Showings are Becoming Extremely Popular during COVID-19
In fact, there is no need to visit the house prior to buying it. Today, buyers have a great opportunity to take a visual tour around the property they are interested in. Virtual tours are definitely helping the property agents find prospective buyers. Plus, these tours help the real estate agents save much time and hassle. Obviously, the real estate listings that contain 3D-tours attract more viewers.
There is also a huge advantage for buyers as well. It’s become possible to buy property without leaving home. Virtual tours are extremely beneficial for foreign buyers. People do not have to take time-consuming trips to visit the property. Today, it would be absolutely impossible due to the coronavirus outbreak. Despite the fact that some people are skeptical about making deals online, this method remains an effective one under the exceptional conditions we are facing now.
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