Buying and Selling a Home During a Global Pandemic
At first glance, buying or selling a home during a pandemic may look impossible. Selling a house is hard enough when conditions are perfect. Even when the economy is strong and we are not experiencing a global pandemic, properties can linger on the market for months. If you add a stock market on a roller coaster ride, uncertainty in the job market, and mandatory social distancing requirements, it’s enough to forget about real estate for a while.
There are concerns among buyers and sellers. Buyers may be reluctant to visit a stranger’s home during this current public health crisis and potential sellers may not necessarily want those potential buyers checking closet and cabinet space in their home. To negate this, many realtors are requiring sellers and potential buyers to sign hold harmless agreements, relieving the realtor of liability in the event someone should be diagnosed with COVID-19 after a home showing. Talk about a buzzkill when you are shopping for your dream home!
The answer to buying and selling a home during a pandemic (and we all hope it is just a short-term solution), is virtual showings. Virtual tours are not new in the real estate industry. For years, many homes that were listed for sale could be virtually toured online. Now, however, that virtual tour must be so impressive it gets the potential buyer to take the next step and request an actual showing of the home. It’s no secret to realtors that the recent production value of these virtual tours has really taken off in recent months.
If you are a seller, one of the first things you want to ask your potential listing agent is what your home’s online presence will be. If you are willing to show your home, there first must be someone nterested in buying it. And the only way those buyers are going to come knocking is if they have first been impressed by what they have already seen.
Selling or buying a house is likely the biggest financial decision and commitment you’ll ever make. When buying or selling your home during a pandemic, please make sure that you are represented by an experienced real estate attorney, such as the attorneys at Gardi & Haught, Ltd. Happy house hunting! Click on our free case evaluation button below to request more information.