Although we are in the midst of arguably the most uncertain times that most of us have ever faced, there is still hope for the real estate market.
Real estate agents have reacted swiftly, and creatively, to provide a safe environment for showing properties to potential buyers. Vacant properties are safe to show when coupled with the CDC’s recommended hand washing and hand sanitizing.
Occupied properties are a little trickier, but agents have become creative with the use of virtual tours and only allowing for one showing at a time, with time to sanitize between showings, when virtual tours are not an option.
While electronic contract signatures were already in place, the industry is working on moving more of the process to electronic.
Real estate is one industry that is expected to rebound extremely quickly, so everyone is being urged to sit tight and work with your mortgage professional for updates or advice as needed.
“Be ready for the recovery. There is a lot of demand for real estate that has been temporarily put on hold. While normally, the residential market is peaking from March through June, this will be extended into the latter half of the year. We will recover, and I am confident our recovery will be strong.”