COVID-19 AFFECTS BUYING AND SELLING A HOME
COVID-19 has spread to every corner of the globe and that may affect your ability to buy or sell your home. The real estate industry has been touched and we have taken swift action. Both supply and demand could potentially be affected which is why we have seen such a fast economic response across the United States. Maryland, specifically, has taken precise and expedient measures to help both the public safety and lessen the inevitable economic impact the virus will have on every community. Some cities have issued shelter-in-place orders and many businesses have closed to the public. So, how does that affect your ability to buy or sell a home?
Can I buy or sell my home during the COVID-19 pandemic?
The quick answer is, yes. While our brokerage offices were ordered closed as part of Maryland’s response to the coronavirus, that doesn’t prohibit you from viewing potential properties or from showing your home to prospective buyers.
Are you and other real estate agents taking precautions?
ExecuHome Realty is taking special measures that reduce our interactions to almost zero while the coronavirus remains a threat. This includes accepting electronic earnest money deposits, scheduling virtual meetings and consultations, as well as, remaining vigilant in educating all parties. Virtual home tours are available and measures can be taken to limit exposure during an open house such as one-at-a-time visits. We can quickly adapt.
Are there practical steps that are being taken to reduce COVID-19 during a property tour?
The Maryland Realtors recommends several practical steps that a seller can take to reduce risks during a showing. As a preliminary matter, the seller may want to limit the number of people who enter the home. They may want to limit it to the buyers or potential buyers, no children, extended family or friends. This should be communicated to the buyer’s agent before the parties arrive for the showing. As for the home, the seller could provide sanitizer and paper towels at the entrance and request that anyone entering the home use them. The seller could open all interior doors prior to all showings and sanitize all doorknobs after the showings. The seller may want to leave cabinet doors open, to reduce the likelihood that the buyer will touch the handles or pulls. All lights or lamps could be left on, again to minimize the need for anyone to touch the light switches or lamps. Also, weather and allergy permitting, the seller may want to keep the windows open to allow fresh air to circulate through the home during the showing. An owner may also disallow showings; however, they must offer a virtual tour.
Are there delays in the purchase process due to COVID-19?
Maryland has ordered all non-essential businesses closed, most businesses in the real estate industry have maintained the ability to work remotely from home. This adaptability has been helpful in moving the purchase process along. Lenders, title company representatives and real estate agents have come together to provide customer-centric services effectively using practical prophylactic measures. Settlements can be conducted in front of a notary and submitted and many title companies are still operating under restrictions. Lenders are working remotely and deeds are still being submitted electronically.
Is now a good time to buy or sell a home during the Coronavirus pandemic?
I always say, it is never a bad time to buy. Rates are still historically low. Measures are being taken across the entire real estate sector to ensure limited exposure. You can still build wealth with real estate. And after all–it is the American Dream! Start house hunting.
