Is this even a thing? Yes it is. Karen has personally help clients with both selling and buying during this horrible pandemic.
Why? Because quite frankly, as much as life as we know it has stopped, it’s also continued sometimes out of necessity and sometimes because buying or selling was something that was underway before people even knew what social distancing was.
In general, fewer people are on the hunt for a new home, and fewer people are listing. Ironically this downturn comes at a time when buying a home is more affordable than ever. Just last week, Freddie Mac published an article that reported interest rates hit a near 50-year low, at 3.29% for a 30-year fix-rated mortgage. This interest rate drop has some buyers forging ahead – particularly those who had previously committed to moving through job transfers and selling their own properties.
So what to do if you are in situation where you are either buying or selling? You hire a highly creative agent like Karen that is also deeply committed to safety standards.
Top Notch Photography and Videography
The real estate market is ahead of the curve here and has long recognized the value of phenomenal photography, videos and even drone videos to tour and showcase a property. All of which is serving the clients really well. Karen spends money on getting the best photographers to showcase properties, and offer buyers and sellers a first look to see if this property makes their list.
Virtual Showings
While amazing photography is great, Virtual Tours are becoming the norm. They give buyers a very detailed and in-depth look of the property.
Virtual Tours are a great way for buyers to vet the property more closely, before deciding to invest in the actual process of traveling to see it in person. It’s awful helpful for the agent to qualify buyers. The more that can be done in the process while practicing social distancing the better.
Precautions for In Person Showings
Agents are taking extra precautions for in-person showings. Open houses are clearly a thing of the past, but many buyers still want to view a home in person before making an offer. Sellers, of course want to sell their home. However, it is concerning to allow people in their homes.
So What is the Plan?
Ansley Atlanta and Karen have put in place several policies to safeguard both buyers and sellers, and properties are only shown with the strictest of CDC standards and on a case by case basis.
Here are some of the policies.
- Buyers and Agents must sign an affidavit regarding their “Corona Status”
- Buyers and Agents are under a Do Not Touch – Hands in Pockets Order for the duration of the showing. This includes light switches and door knobs and other areas commonly touched during the course of a tour.
- Perspective Buyers must be pre-qualified prior to showing. For now, there is no
more “just looking for fun showings”.
Inspections and Appraisals
We are also seeing appraisals happen with the appraiser (suited up) and being alone in the home away from the family. If the lender allows sometimes appraisals can be done by driving by the home, or viewing photos of the property, so the appraiser never has to set foot in the home. So be sure to ask whether such options are acceptable in your area. For more on inspections, check out Karen’s recent blog post.
Remote Closings are on the Horizon
Lenders are working towards a solution to the traditional “closing table”. Expect developments here. If remote closing is possible, title companies prepare the required documents and mail, and then email or upload them to a portal. The title company verifies personal information and identification by video, and the documents are signed electronically. For more on choosing the right lender see Karen’s earlier blog post. The Corona Pandemic has dramatically changed the way buyers, sellers and Karen are doing business. But rest assured, as always Karen is here for you and your needs, and will make every effort to work to help you with your real estate journey. In the meantime, stay safe and let’s all look forward to a time when we can reflect back on this time and remember when.
