If buying a property was your goal this year, you are probably one of the many who had to suddenly halt their plans and are now unaware of when to pursue them again. The unstable economy and the health crisis has made buying a home a big question for most aspiring homeowners. However, you should know that the real estate industry has not stopped. Instead, it has developed new ways to adapt to the current situation.
How Agents Are Adapting to Coronavirus’ Impact on Real Estate
Here are the new things you should expect when looking for a new home at the time of pandemic:
- Virtual Tours: Because of the recommended implementation of physical distancing, the real estate industry immediately began to seek new ways to keep home viewing safe for all parties involved. Virtual tours and video walkthroughs are two ways to show buyers what to expect for each home for sale. These methods are not new to the market, but they are creative and effective ways to produce a similar experience to regular home viewing. Other companies also explore other options like 360-degree video tours or live streaming.
- Drive-Through or Curbside Closing and Remote Online Notarization: Another arrangement implemented by real estate agents is the new method for mobile signing. It is the same as the usual closing exchange, except that the notary signing agent and the client are in two different rooms or places as they conduct the signing or notarization.
- Video Call Communication: Agents are also ready to answer client’s questions through video calls. They can be held at the house being toured and answer the client’s questions in real-time as they go on a visual tour. This method eliminates the possibility of close contact that occurs in in-person property showings.
- Supplement Material Provision: Apart from the online tours and open communication, agents are efficiently providing clients with more information about the properties by sending them floor plans, detailed descriptions, and panoramic photos as supplementary materials to the tour.
Real Estate Realities in 2020
Apart from the changes above, here are the other things you should expect when purchasing a home.
- Long Waiting Process: Some COVID-19 adjustments in the real estate industry have resulted in much slower processing. You may observe this in some home inspections and appraisals, home closings, and mortgage applications. With only a few employees currently working, high government restrictions, and higher home buyer demands, these operations experience some delays.
- High Competition: To adapt to the new changes, most mortgage providers have offered lower rates, causing real estate in many cities to sell quickly. Many home buyers have grabbed this opportunity to manage their home payments better. With a lot of buyers on the watch and fewer properties available in the market, expect to face intense competition.
While there are restrictions in the market, life continues to move forward. Your dream of owning a home may have been on pause for a while, but the real estate industry is readily waiting for you. If there is one thing you should grab at the moment, it is the lower rates for the available properties and loans in the market today.
Are you considering applying for a mortgage loan soon? Frontline Financial can help you. We are a mortgage broker in Salt Lake City, dedicated to helping veterans find and buy new homes. Contact us today to learn how we can help you.