These days, it seems many activities have halted to a standstill. Although most of the country’s population is sheltered in place, there’s still a need for essential activities. Among them are buying and selling a home. Fortunately, real estate is classified as an essential business and is allowed to operate with some precautions. If you’re in the market, here’s what you need to know about buying and selling homes amid Coronavirus.
Selling a Home
You can still sell your home amid Coronavirus shutdowns and precautions! The real estate industry has long focused on the use of technology to market homes for sale. In fact, most buyers start their home search online anyway. With video tours and other tools, buyers can easily view your home virtually. In-person showings can therefore be limited to only those who express serious interest. Private appointments are preferred to maintain social distancing, although you can still stack appointments back-to-back to minimize personal inconvenience.
As a homeowner, there are many ways to protect yourself through the showing process:
- Ask visitors to use hand sanitizer before entering your home.
- Eliminate sign-in sheets.
- Provide listing packets virtually.
- Leave doors open to minimize the number of touched surfaces.
- Provide gloves and/or masks to visitors.
- Ask visitors to take off their shoes (or provide booties for them to wear) while touring the interior of your home.
- Wipe down hi-touch surfaces after showings.
Buying a Home
Buying a home amid Coronavirus is still very much possible. To minimize the number of showings needed, perform some due diligence ahead of time. View property details, photos, and tours online. Closely read through any disclosure statements available. Run the numbers to ensure the property falls within your affordability range. Doing all of this allows you to rule out properties that ultimately do not meet your criteria.
When visiting properties, take extra precautions such as…
- Using hand sanitizer before and after entering each home.
- Covering your coughs and sneezes.
- Minimizing the number of surfaces that you touch.
- Wearing gloves and/or a mask.
- Staying at least 6 feet away from others (i.e. your agent) while touring the home.
Other Information on Buying and Selling Homes Amid Coronavirus
Although there may be added inconvenience to buying and selling homes amid Coronavirus, there are also some perks. First, interest rates are still historically low. Some lenders are even offering grants to assist with down payments during the Coronavirus crisis. Secondly, the federal government has increased the limit for 401(k) loans from $50,000 to $100,000. Access to additional funds can make a big difference to cash-sensitive buyers. Thirdly, it’s still the Spring market. If your goal is to move in the summer, then now is the time to start. Lastly, real estate agents, mortgage professionals, closing attorneys, etc. are all working remotely and are still able to assist you through the buying and selling process. Closings amid Coronavirus are also handled a little differently, but everyone is dedicated to helping you accomplish your buying and/or selling dreams.