The Coronavirus pandemic that appeared last year has put the entire world to a standstill. Every American is hit by the blow of the virus that is infecting more and more people each day. For home buyers and sellers, the lockdown and restriction of the movement have presented new troubles. The home sellers are canceling open houses while home buyers are insisting on taking virtual home tours. The real estate processes have slowed down, with only limited people working from office.
Overnight, the entire real estate processing has changed, while there are less offers on we buy houses Hampton Roads, the hunt to the dream home is still on.
Let’s look into how the COVID-19 pandemic has changed things in the real estate industry.
#1. The Real Estate Process is Becoming less Personal
The real estate market works on offering a personalized experience to the home buyers and sellers. From driving the clients in their cars to show around properties to assisting them at meeting with bank agents, the agents are known to leave no stone unturned. Now, the sellers have to meet the agents directly at the property and avoid any direct contact with them. Due to the fear of catching the virus, the agents have to give private tours to the sellers. Moreover, realtors are witnessing less offers on sell my house fast for cash deals.
#2. Remote House Tours
Although many realtors would conduct house tours through FaceTime earlier, virtual touch has become the new normal in the current scenario. As people are being asked to maintain social distancing and cut down travel, homebuyers prefer virtual house tours. The use of 3D home tour software has spiked since the outbreak of the pandemic.
#3. Delays in The Process
Even though house tours can be virtualized, many processes need to be done in-person. For instance, recording of a tittle at a clerk’s office. In many parts of the USA, such processes have slowed down. Home inspectors and appraisers who have to go into the house for home evaluation are concerned about catching the virus. Given how low the borrowing costs have become, many people are taking advantage of it. This has increased the load on the appraisers.
#4 Some Rates being Locked in Longer
Since the virus outbreak, the interest rates are changing rapidly. The home buyers are in the race to get the best deal at a lower interest rate. Many lenders and financial institutes are extending their windows to lock in interest rates.
#5. The Buying and Selling Time has Extended
The increase in the closing time allows the buyers or sellers to walk out of the deal. Since pandemic has imposed travel restrictions and isolations, the real estate agents are required to work remotely to close the deal. Most government offices have shut down that has delayed the real estate closing process. Many realtors have extended the closing period for buying or selling the property by up to 30 days. If any party gets affected due to Coronavirus and decide to take back their offer, their deposit will be refunded.