Written By 2020 has been an unprecedented year, to say the least. The COVID-19 pandemic has drastically altered every aspect of our lives, including how we buy and sell homes. From virtual tours to remote closings, navigating the new normal in real estate can be overwhelming for both buyers and sellers. In this blog post, we’ll explore the effects of COVID-19 on the housing market and provide tips on how to successfully navigate these uncharted waters. So grab a cup of coffee (or tea!) and let’s dive in!
The Impact of COVID-19 on the Housing Market
The effect of COVID-19 on the housing market has been deep and far-reaching. The pandemic has upended many aspects of daily life, from the way we work and socialize to the way we shop and conduct business. The real estate industry is no exception.
The most immediate impact of COVID-19 has been on home sales. In the early months of the pandemic, as stay-at-home orders went into effect across the country, home sales plummeted. According to the National Association of Realtors, existing home sales fell by more than 15% in April 2020 compared to 2019 levels. New home sales fared even worse, plunging more than 30%.
The good news is that home sales have begun to rebound as the economy has reopened. In July 2020, existing home sales were up nearly 5% from a year earlier, while new home sales were up more than 13%. However, it remains to be seen how long this rebound will last and how strong it will be. The pandemic continues to present challenges for buyers and sellers alike.
For buyers, one of the biggest challenges is simply getting out there to look at homes. Showings are still down significantly from pre-pandemic levels, making it harder for buyers to find the right property. Many are opting instead to search online or visit open houses virtually before making an offer on a property.
Sellers are facing their own unique set of challenges in today
Tips for Homebuyers in a Post-COVID World
1. Know your finances: Before you start shopping for a home, it’s important to know what you can afford. Take a close look at your income, debts, and assets to get an idea of your financial picture. Then, consult with a loan officer to get pre-approved for a mortgage. This will give you a better idea of what price range you should be looking in.
2. Shop around for the best deal: With interest rates at historic lows, now is a great time to shop around for a mortgage. Compare rates from multiple lenders to see who can give you the best deal.
3. Get creative with your down payment: If you don’t have enough cash on hand for a traditional 20% down payment, there are other options available. You may be able to put down less if you get private mortgage insurance or participate in a government-backed program like an FHA loan.
4. Be prepared for anything: The COVID-19 pandemic has changed the real estate market in unpredictable ways. So, it’s important to be prepared for anything during the homebuying process – from delays in getting a loan approved to changes in the housing market itself.
5. Have realistic expectations: It’s important to remember that the current real estate market is unlike any we’ve seen before. So, don’t expect everything to go perfectly according to plan when buying a home in
Tips for Home sellers in a Post-COVID World
The COVID-19 pandemic has upended the real estate market, with home sales dropping and prices stagnating in many parts of the country. If you’re selling your home in a post-COVID world, you’ll need to adjust your expectations and strategies. Here are a few tips to help you navigate the new normal:
1. Be realistic about pricing. In a buyers’ market, it’s important to be realistic about your home’s value. Work with your real estate agent to come up with a competitive asking price that will attract buyers.
2. Prepare for more showings. With fewer buyers in the market, you may need to accommodate more showings than usual. Be flexible with scheduling and be prepared to keep your home clean and tidy at all times.
3. Be patient. The process of selling a home can take longer than usual in a post-COVID world. Don’t get discouraged if your home doesn’t sell right away—be prepared for a longer timeline and stay patient throughout the process
How to Prepare Your Home for Sale During COVID-19
The outbreak of COVID-19 has turned the world upside down. We are all having to adapt to a new way of living and working, and the real estate market is no different. Here are some things to keep in mind if you’re thinking about selling your home during the pandemic.
The most important thing is to keep yourself and your family safe. If you are sick or have been exposed to the virus, it’s best to put your plans on hold. The last thing you want is to make things worse by infecting potential buyers.
If you are healthy and still want to sell, there are a few things you can do to make sure your home is safe for showings. First, take a look at your cleaning routines. Are you using EPA-approved disinfectants? Are you regularly cleaning high-touch surfaces like door handles and light switches? If not, now is the time to start.
You should also think about making some changes to your showing schedule. In the past, it was common for buyers to come through homes one at a time or in small groups. But now, many people are uncomfortable with that type of close contact. So, it might be worth considering showing your home by appointment only or doing virtual showings instead.
Finally, be honest with potential buyers about what’s going on in your household. If someone in your family is sick, make sure they are not home during showings. And if you have any
How to Safely Show Your Home during COVID-19
The outbreak of COVID-19 has led to many changes in the real estate market. Buyers and sellers are both navigating a new normal when it comes to homebuying and selling. Here are some tips on how to safely show your home during COVID-19:
1. If you are showing your home, make sure to wear a face mask and gloves at all times.
2. Sanitize all surfaces in your home before buyers come in.
3. Do not allow buyers to touch anything in your home – open doors and cabinets for them instead.
4. Ask buyers questions about their health before scheduling a showing. If they are not feeling well, reschedule the showing for another time.
5. Make sure all common areas in your building are clean and disinfected before buyers come in. This includes elevators, stairwells, and lobbies.
Conclusion
The COVID-19 pandemic has changed the home buying and selling process in many ways. While it has created some challenges, there are also opportunities for those looking to buy or sell a home right now. With the right knowledge and support, you can find success in navigating this new normal. Whether you are looking for an experienced real estate agent, exploring virtual tours online, or taking extra safety precautions when viewing homes in person, make sure that you have all of the information needed to make informed decisions every step of the way.
