Real Estate Still Healthy: Adapting to the Pandemic

At the beginning of the pandemic, many worried that real estate would be completely disrupted. People worried that the lockdowns and social distancing would make buying and selling a home impossible. Five months into the era of covid and the doom and gloom predictions have not come true.

Initially, home sales declined, but quickly rebounded. According to The Wall Street Journal, “The housing market came roaring back in June, as low mortgage rates and increased economic activity helped push sales of previously owned homes up 20.7% from the prior month.” From Virginia to Texas people are still looking for homes and buying them. 

Although the real estate market is healthy, that does not mean everything is the same as it was before the pandemic. Things have changed. Realtors, home buyers and home sellers all have had to adapt to those changes caused by Covid-19. The team at Streamline Realty wants to tell you about some of these changes, so that you know what to expect when you buy or sell your next home.

Virtual Showings

The spread of the coronavirus makes attending an open house a thing of the past. Experts suggest that the traditional open house is not safe. The last thing we should be doing in this pandemic is congregating with strangers inside. This has meant that realtors, home sellers and home buyers had to get creative.

Real estate has turned to technology to make sure you can see a property before buying. Realtors are using virtual walkthroughs, 3-D mapping and even drones to make sure you can see a property before buying it. These tools were used before the pandemic, but only on a case-by-case basis. Now, these tools are commonplace for nearly every transaction. 

Even with all the technological advances in virtual showings, many still want to see a house in-person before purchase. In-person showings still happen, there are just a few differences:

• Appointment Only: Showings are always by appointment only. You can no longer just drop by an open house. 

• Limited Numbers: The number of people allowed at the walk through are limited. 

• Sanitation and Safety: Sanitation and protective gear are paramount. Everyone will be required to wear a mask. Also, homes will be thoroughly sanitized before and after prospective buyers are shown the house. 

Virtual Closings

The frontend of real estate transactions has changed, but so has the backend. Realtors love elaborate signing events with pictures and balloons. However, many closings have gone virtual and the same goes for negotiations. Realtors, buyers and sellers are using Zoom or FaceTime to handle offers and negotiations. Anything and everything that can keep in-person contact to a minimum is in use. 

Same is true for closings. Instead of signing paper documents, many transactions are now done using eSignatures. Services like DocuSign mean that you can seal your deal no matter where you are. Again, all of this technology was in place before the pandemic, but there is now more of an urgency to utilize as much as possible. 

People are also turning to curbside closings. In some states, certain documents require a physical signature. In these instances, realtors, buyers and sellers are getting creative. People are parking their cars next to each other and passing documents through their car windows. People are either tossing pens through the windows or using their own. All of these steps ensure that legal processes are protected and safety is maintained. 

The Road Ahead

Many experts predict that the technological innovations to real estate transactions will last long after the pandemic. While these processes might be unfamiliar, they are certainly more convenient. They are easier to schedule and do not rely on realtors, buyers and sellers to be at the same place at the same time. Expect these virtual trends to continue. 

The real estate market has certainly had to evolve to keep up with the pandemic. It might feel different, but it works! The team at Streamline Realty is here to help you with every step of this new reality. Even if you are not a fan of virtual transactions, we will do everything to make the process as comfortable as possible. 

The bottomline is that if you have a dream of owning a new home or want to sell your current home, then you shouldn’t let Covid-19 get in your way. We can make your dream a reality while protecting your health and safety. Contact us now if you have any questions on what we can do to make buying or selling your home easy.