How experts can help buy or sell a house during the COVID-19 Pandemic?

The coronavirus is scary and is spreading rapidly, with new updates flying in every minute. Nearly every industry has been clashed by the global COVID-19 pandemic and real estate is no exception. But, these days, real estate developers have so many technological aids such as social media; cloud computing, augmented, and virtual reality at their disposal. Thus, if you are thinking about buying or selling a home now you don’t necessarily have to abandon your efforts. By staying informed and working with experts like agents, attorneys, and financial advisors you can achieve your real estate goals with a few strategic adjustments. Further, let’s have a look at - How experts can help buy or sell a house during the COVID-19 Pandemic to know more…

Can I buy or sell a property during the pandemic?

Yes, you can as there are no restrictions which can prevent you from either purchasing or selling a home. The home buying process has changed with real estate agents or brokers offering virtual tours and private inspections. So, you can sell your property by auction and effective methods that can help market the project effectively with minimal physical interaction from the buyer and ensure healthy engagement from the intended buyer base. 

Shift your sale strategy to online

Many agents/brokers are continuing to list new properties, facilitate viewings using digital tools such as 360-degree software, and are progressing transactions while fully adhering to public health guidance. If you are planning to buy/sell get in touch with the relevant agent or expert professionals to find out what they are offering and how they are working and follow the advice that they put forward. 

Virtual experience

In this modern era of the COVID-19 pandemic, there is the need to show a home in the safest way possible. Both the home buyers as well as sellers, have to remain safe. So, as a substitute for physical tours, you as a home seller may consider virtual tours of your home. Just provide a detailed and compelling virtual tour to eliminate the need for a home tour or home showing. More agents are offering virtual and 360-degree viewings than ever before and this can help prospective buyers to know the house better, and may even give them time to formulate questions about the home.

Collaborate with influencers

Influencers on social media have credibility and are perfect for marketing your homes or bungalows. If you can get influencers to discuss and promote the house on their blogs or websites, it could get you enough eyeballs. By showing how excited the influencers are for your property, they can get their followers interested and help spread the news forward.

Set up a video and photograph tour of your home

In this age of technology, if you want to sell your house a video and photograph tour of your home is the best way to go. Besides, you can even provide a tour and post to Youtube if you have a channel. With a video tour posted to Youtube or another video sharing site, your home will be seen by thousands and potentially millions of persons.

Electronic signing for contracts

Using this technology, the agents can help you prepare and execute contracts and send them electronically to initiate the negotiation process in a flexible manner. 

Transactions

If you are already in the process of buying or selling a home and couldn’t fulfill your contractual obligations, because of the hardship imposed by a coronavirus. Then, you may be able to renegotiate a transaction’s terms using the force majeure provision. Force majeure provisions allow concessions for unforeseeable advents or acts of God. But all states do not provide a force majeure provision automatically included in their agreement, so it’s important to engage an experienced real estate attorney to get a detailed clarification on this.   

Tips for buying/selling a home during COVID-19 pandemic

• Request for videos of the home you are planning to buy. Options like virtual tours and digital walk-through are becoming more prevalent. Ask if this is a service that real estate agents can offer.
• It’s best to schedule a private inspection and make sure to adhere to the government’s rules on social distancing.
• Do not buy before you sell in this market. The goal is to sell and buy at the same time.
• Look for properties/assets to buy and negotiate, but do not commit to buy until the property you are selling has exchanged contracts.
• Work with a mortgage broker to see if you are in a financially sound position to get pre-approved for a home loan. 
• If you are concerned about marketing costs and cannot go for inspections due to the social distancing measures, request your agent to do an off-market sale.
• Enlist the services of a buyer’s agent who will help you get private viewings and short listing houses.

Finally

Real estate property is a long-term commitment that needs mindful and thorough planning. So, don’t just jump and close a real estate deal just because it provides you with a once-in-a-lifetime rock bottom bargain price.