COVID-19 has already caused homebuyers, homesellers and real estate professionals to take a step back and reevaluate their normal operating procedures. Many of the changes that have become the new normal during these times — from online walkthroughs to virtual closings — have the potential to stick around long after the pandemic subsides.
If you’re wondering whether it’s even possible to buy or sell right now, the answer is a resounding “yes.” You might have to be prepared to think outside the box and ready for the process not to play out exactly as it normally would. The availability and wealth of online marketing and sales tools have allowed the housing market to remain active amid the challenges presented by COVID-19.
Having a professional real estate agent on your side is as important as ever right now, even for experienced home buyers and sellers. An agent will be able to walk you through the new buying and selling procedures and challenges caused by COVID-19. There are great options for real estate agents in Austin, Texas, and it’s a good idea to meet a few to make sure the fit is right.
Some things to expect if you’re looking to buy or sell:
Open houses and virtual tours: Even before COVID-19, most people start their home search online. The process is likely to stay online a bit longer now as virtual showings replace open houses in many cases. Virtual showings use online videos to let sellers show off their space to buyers. Some buyers have even bought homes without ever setting foot in them because of these virtual showings. During in-person showings, sellers are often requesting that potential buyers wear protective equipment, including masks, gloves and shoe coverings. Sellers also can leave doors opened and lights on so that potential buyers don’t need to touch anything while touring the house.
Appraisals and inspections: For situations where an appraisal is required to get a mortgage, lenders are allowing alternatives in certain circumstances so that appraisers don’t have to go inside the home. With desktop and drive-by appraisals, appraisers can use market data, photos and exterior views to assess a house’s value. When it’s time for an inspection, it is less common now for buyers and agents to attend the inspection to ask questions. Instead, inspectors are entering the homes by themselves and sharing their reports, along with pictures and videos, afterwards. Inspectors are following safety guidelines while inside homes, as well, including wearing shoe coverings and wiping fixtures with sanitizing wipes after handling them.
Closings: There are a growing number of ways to close on a house that don’t include sitting in an enclosed space with several other people and signing an endless number of paper documents. Some states allow or are in the process of allowing virtual closings, where documents are signed with a virtual notary present. Curbside closings are also popular, where documents are shuttled back and forth to buyers who stay in their car. Additionally, some lenders will send out or personally deliver documents to be signed at buyer’s homes. Your real estate agent will be able to discuss the options available in your area.
COVID-19’s impacts on buying and selling homes will last long into the future, but your real estate agent will be able to hold your hand through the experience and answer questions that come up along the way. If you are looking to buy or sell while the pandemic is still ongoing, these new and evolving processes are helping to keep the housing market running smoothly and efficiently.