During the COVID-19 pandemic, the mindset about our everyday lives has changed drastically and lots of people that consider buying a home before the outbreak now have several questions regarding the method.
Among the most common questions, the one is what is the right time to buy the property? Or will house prices drop? We’ve to mention that these are all legitimate views and, in this blog, we’ll do our best to offer our readers the answers they need.
First of all, since the start of the COVID-19, the real estate industry has been considered a “Critical Sector.” This recommends some important security measures need to be applied to control the spreading of the COVID-19.
The only problem is, buying a house during the pandemic still requires millions of face-to-face interactions, so here are a few things that you should keep in mind before you start looking to find your dream home.
THINGS TO CONSIDER WHILE BUYING A HOME IN COVID-19
In most places, open houses are suspended. Because the option of an open-house showing is currently not available (or not recommended), some realtors replaced them with virtual tours via their websites, Zoom, or Facebook Live. On the opposite hand, virtual tours are highly recommended and have significantly improved since before the outbreak. Tours are now more in-depth and show both the inside of the house along with the surface and the surrounding areas.
SHOWINGS AND SAFETY MEASURES
Schedule a showing only if you’re serious. Since realtors have to obey the new safety measures, showings are recommended to be scheduled only for buyers who are serious about the acquisition and want to become homeowners. You should ask to drive separately from the realtor and practice social distancing during the showing (stand 6 feet aside from each other). Also, if you’re feeling sick before the showing, consider rescheduling the event.
DURING THE SHOWING
In most cases, just one person is allowed in the home at a time with the agent. Realtors should also provide masks, foot covers, not reusable gloves, and hand sanitizer. Buyers are highly encouraged to put their hands in their pockets to avoid touching surfaces.
Even though realtors have strict guidelines to stay to when it involves safety, you should also set your boundaries and convey them to your agent before scheduling a showing.
Some processes are completely online, while closings may also differ – pre-approvals, disclosures, and buy agreements will mostly happen online. Closing companies can also prefer to conduct their processes remotely, while some will still to them face to face. When the latter is the case, social distancing remains a requirement.
WHAT ABOUT PRICES?
So far, there’s a clear drop by property transactions, alongside property prices too. However, experts are commenting that the latter may be a short-term effect that house prices will recover. Also, luxury estates are more affected by the COVID-19 pandemic price-wise than lower-priced properties.
Izabella Lipetski, the top real estate agent in California come up with the whole process for buying a home in COVID- 19 pandemic. Here are some steps:
- Someone who wants to buy a home come to Izabella Lipetski office and tell us their needs.
- Then we make a complete plan and start sending homes available in the market according to their need. They tell us what they like/dislike about the houses.
- View homes face to face. Izabella Lipetski guides the buyer in the whole process and tells about their neighborhood. On average, a client will see 6 or 7 houses until they find “the one.”
- We put offers down on those that we love. This is the most competitive part of the method and it’s important to have an agent that knows the way to package your offer to get acceptance. In 2020, there have been millions of buyers in the market.
- Our offer is accepted.
- Do inspections. With this information, we decide whether or to not renegotiate the price to make up for unexpected repairs, accept as is, or rescind our offer supported new information.
- Get the house Appraisal (if you employing a lender). Banks want to guard their investments so they need to get an appraisal to get the stamp of approval that what they’re making is a “good investment!”
- Closing Day. This is the day the buyers get the keys and everyone’s party is paid accordingly. This includes a deposit for the loan, closing costs, and any extra fees.
In most parts, the process is almost the same.
That being said, all things that involve human contact are shifted to “virtual meetings.” The buyer’s consultation can easily be done via telephone, zoom, FaceTime and now most homes are viewed from the comfort of your couch using 3D photography. As for inspections, those are often a bit trickier, and that we need to be more “creative” and “tech-savvy” to make these happen.
The main thing that completely changed in home buying is that the number of buyers currently trying to find homes has dropped drastically! This doesn’t mean that it’s easier to get your offer to accept. On the contrary, it means you’re competing with the most serious buyers. Now it’s important to hire an agent that knows what they’re doing when they draft your offer. Izabella Lipetski is always there for you. She guides and help you in the whole process of buying a home in this pandemic.
Izabella Lipetski formulated a step-by-step guide to assist you to understand exactly how things have changed and to be ready to follow to remain up to date up to know exactly where we are at in the process.
The processes involved in buying a house have changed, and safety measures should be practiced all the time, also most things happen online. On the opposite hand, the most important concern in buying a house might just be the uncertainty of the economy. If you’re financially affected by the pandemic, its best until your finances are back in restraint again. If you have any questions you can call Izabella Lipetski any time or visit our website.