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How COVID-19 Is Impacting Real Estate

If you’ve been thinking about buying or selling a home in the near future, the unprecedented events of the last few weeks might have left you feeling a bit uncertain. COVID-19 has undoubtedly affected all of our lives, but that doesn’t mean you need to press pause on your real estate dreams. 

We want to set the record straight about how these changes to everyday life affect buyers, sellers, and agents…and how you can protect yourself while continuing to pursue your goals. 

How Will COVID-19 Affect the Real Estate Market?

Our way of life has changed dramatically within the course of just a few weeks, and the real estate market has shifted, too. Have a few questions? It’s hard to predict what will happen in the future, but here’s what we know right now.

Expect some major market shifts

Person studying COVID-19 graph

As we adjust to a new normal, it’s clear that COVID-19 will have a lasting impact on every industry in the country—including real estate. However, this doesn’t mean that investors aren’t still buying and selling homes. A recent survey by the National Association of Realtors shows that 61% of sellers plan to keep their houses on the market, and over half of buyers will continue to shop for a home.

Although we’ll likely see a reduced number of sales in the coming weeks and months, record-low interest rates and a continuously low supply of homes might help to prevent any drastic price drops. Many economists also believe that another housing market crash is unlikely due to new regulations and stricter mortgage qualifications. 

Buying and Selling a Home During COVID-19

As of early April, agents are continuing to help their clients buy and sell homes—but you can expect to see some changes aimed at keeping everyone safe and healthy.

Essential Tips for Sellers

Cleaning supplies

Selling a home during the COVID-19 outbreak is definitely uncharted territory, but as we’ve seen in the last few weeks, it’s not impossible. Many sellers and their agents have worked together to pioneer new marketing strategies…some of which might last even after life returns to normal. Before you start scheduling those virtual showings, here are some tips to consider.

Make sure you’re healthy

First and foremost, it’s crucial to ensure that every member of your household is healthy before and during the selling process. Alert your agent right away if you’re feeling sick so they can halt in-person showings. 

Sanitize your home

As a seller, your main priority should be ensuring that your home is germ-free, especially before a showing. We recommend wiping down all surfaces with disinfectant wipes and sprays and offering hand sanitizer to potential buyers. Reduce unnecessary touching by pre-opening any doors, cabinets, or drawers and turning on all lights before a showing.

Capitalize on digital marketing

If you still plan on selling soon, have your agent use the latest digital marketing techniques to really showcase your listing. Open houses and showings might be out, but virtual tours and showings via video sharing platforms are in—and it’s important to capitalize on these techniques to draw in potential buyers.

Essential Tips for Buyers

Person using a tablet

Believe it or not, it’s still possible to buy a home during these uncertain times—and modern technology is making everything easier than you might expect. Here’s how to stay safe and healthy throughout the entire buying process.

Make sure you’re healthy 

If you’re feeling ill, it’s important that you stay home, practice social distancing, and avoid any showings. However, you can still continue to tour homes virtually and chat with your agent via online meetings.

Use virtual homebuying technology

Thanks to new innovations, it’s easier than ever to explore listings from the comfort of your couch. If you don’t want to attend a showing, many agents provide in-depth virtual tours and personal walkthroughs through video platforms like FaceTime and Zoom. 

It’s also possible to complete the entire closing process remotely. Chances are, most documents can be signed electronically, which adds another layer of convenience and safety. Some states even allow you to virtually notarize your paperwork! 

Take extra precautions during in-person showings

Want to see a home in person before making an offer? If your agent still offers normal showings, there are a few extra steps you should take to keep yourself (and the sellers) safe. Carry hand sanitizer with you and try to refrain from touching any surfaces. This might be difficult, but it’s the easiest way to mitigate the spread of germs. If your community has a shelter-in-place order, you may have to postpone any in-person showings until restrictions are lifted.

Have More Questions?

As we navigate the changes inflicted upon the market by COVID-19, it’s crucial to consider your individual needs and follow local guidelines. We’re constantly on the lookout for new ways to assist our clients, and we’re determined to protect your health and safety while helping you meet your goals. If you have any questions, please don’t hesitate to contact us.

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