Despite the onset of COVID-19, homes are still selling albeit at a much slower rate than usual. Many realtors have taken to digital platforms to allow buyers to check out homes before closing out deals. Today, we’ll be looking at the impact of COVID-19 on local real estate and how you can go about buying or selling new property amid the crisis.
The Impact of COVID-19 on Local Real Estate
Although COVID-19 has affected most other industries negatively, the housing markets haven’t been affected as badly, with prices and demand balanced out as per usual. Experts say that the process of buying homes during the crisisis just as competitive as they were before.
Should you look for a home now or wait till the pandemic blows over?
With a lot of deals moving online, they are closing faster, thereby increasing the competition between buyers looking to get a good deal on their new housing. However, homeowners looking to move to a new lot in the same neighborhood are not making quick decisions or looking to buy at the moment. Therefore, if you want to move out of your community, you should start looking for good deals online and closeout those deals quickly otherwise you will be left in the dust by the competition. On the other hand, if you want to move to a new location within the same community, it’s completely fine if you wait it out and make a decision later.
Social distancing, technology, and real estate
With health experts fighting to reduce the spread of coronavirus through frequent handwashing and social distancing, visiting homes and purchasing is not recommended. However, that hasn’t stopped real estate investors from using technology, as they would also prefer that as a homebuyer you stay safe at home as well. As of now, moving on from meetings where you’d show the buyer the property live, use of technology has allowed all of this to go online, allowing realtors and buyers to close out deals while maintaining a healthy social distance.
Online Home Visits
With the power of technology at your helm, showing off your home to potential buyers is easier, and will allow more people to see it too. With 3D tours and video messaging apps doing most of the heavy work, giving your buyers a good look at your home is easy and lets you get past the social distancing issue. Moreover, if you have a website for your real estate company, you could live stream or post videos up there of properties you want to sell allowing more eyes to check out your property and flush out a potential buyer.
Will the housing market get worse?
It is difficult to judge how the housing market will pan out in the coming months, given the current stable situation, but keeping a close eye on local and national markets will still help you close out good deals. As it stands now, the numbers speak in favor of local markets. However, it is completely possible for a slowdown in sales as the situation gets worse and the pandemic spreads more. Ensure your safety when purchasing homes, use technology to aid your purchases and close out some great deals quickly to avoid getting left behind by the competition.
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