As Americans learn to deal with government restrictions due to the coronavirus, the real estate market finds creative ways to continue buying and selling homes.
Although the market is cooling, there are still people who need to buy and sell homes or were in the midst of the buying or selling process.
How real estate agents are adapting:
- Clients are asked to meet their agent at the property, rather than riding together.
- Listing agents are skipping showings where a buyers agent is involved.
- Agents are paying extra attention to what clients are touching and promptly wiping everything down.
- Remote house tours, using tools like FaceTime and 3D home tours, are ramping up with new stay-at-home orders being issued in response to the coronavirus.
- Rather than listing agents recording tours, sellers have been taking the lead.
Delays in the closing process are a result of stay-at-home orders issued in several parts of the country. Appraisals, title recording, and in-person document signing are all affected by the new mandates and may affect closing dates for those already in the process.
Some lenders are extending the rate lock to help alleviate the situation and California is giving buyers and sellers an out if they are affected by the coronavirus and need to back out of the deal.