The real estate industry is changing and adapting in an age of social distancing while still serving the people who need to sell or buy a home.
Homes are still selling. People have housing needs (including for larger home offices) that are not impacted by the timing of the coronavirus. Some people need to sell and many Buyers want or need to buy while interest rates are still near historic lows.
Many long-time norms are giving way to more flexible ways of doing business.
- Virtual and 3D home tours are now widely available. Buyers can easily immerse themselves in a home from their smartphone. They can get exact and laser-measured dimensions and perspective from every angle — including those that normal photos miss.
- Some mortgage lenders are allowing desktop appraisals that will allow the lender to evaluate the value of the property with available data, photos and by allowing the appraiser to “drive by”.
- Digital contract signing software is now prevalent and which allows Buyers and Sellers to execute offers and contracts instantly and remotely and without touching a piece of paper.
- Remote notary public and settlement services are coming online. The days of the traditional closing where everyone is at the signing table is over and traditional guidelines are being loosened.
- Realtor Associations are introducing new addendums and contract language which permits contracts to stay intact and with neither party in default if there is a delay due to the coronavirus.
Our Realtors have constant access to video conferencing and are always available by phone and email for our clients.
Want to learn more about the housing market in your neighborhood? Or want to learn about the home-buying process? Check out our Home Buyer Tips Blog.