The New Norm in Real Estate

There are a lot of “new norms” that we have all been experiencing during this unprecedented pandemic. Social “norms” are changing across the country and all across the world. We are hearing phrases like “social distancing”, “self-isolation”, “stay at home orders”, and even “stay connected”. There is a lot of concern and confusion, but also a lot of hope. Families and people are connecting in ways they never have before. Could it be possible that we are becoming even closer to family and friends? We all have that extra time right now to contact each other. Many businesses are also finding new ways to connect, offering online shopping, home delivery and curbside pick-up. The real estate market has had to make some adjustments as well.  Although COVID-19 has definitely changed things in the real estate market, home sales still continue. There are a few things to consider when buying or selling your home during the pandemic.

Social Distancing and Home Showings

It is likely, during this crisis that homeowners will not want to have in-person showings.  With Social Distancing requirements in some areas it may not even be allowed. We all know that even before the pandemic most buyers would search and view homes online before ever setting appointments to view the property. Online listings have multiple pictures and even videos that highlight the property’s features. With an effort to minimize exposure virtual home showings are becoming a “new norm”. Some homeowners may even decide to create their own “virtual showing” video rather than have an outside source come into their home. For some sellers and buyers who would prefer in-person showings, using hand sanitizer, masks, disinfectant wipes, and not touching anything in the home should become standard practice. Also, following the states CDC guidelines on social distancing would apply.

Getting a Mortgage During COVID-19

Even the process for getting a mortgage during this time is changing. Securing a mortgage loan requires an appraisal since the home is the collateral for the loan. With social distancing, appraisers will want to protect themselves by requesting that the home be empty during the inspection and by wearing protective equipment like gloves and masks. Some lenders may allow for exterior inspections or even waive the inspection altogether. Since interest rates are low and most of the mortgage paperwork can be done online this may be a good time to consider getting one. Reach out to your lending experts for advice.

Closing with Social Distance

What will closing look like during COVID-19? The closing process is usually done in person and involves the signing of all required closing documents. Buyers and sellers may experience some delays in the process as some closing companies make adjustments such as no contact transactions or remote online notarization. There may also be some delays in recording documents due to recording offices reduced hours or closures.

During this crisis we have all shown how we can face these times and stay connected. We are finding innovative ways of conducting business and remaining social through technology and perseverance. The changes and adjustments that we are dealing with in real estate are simply just another “new norm” to add to our already growing list.

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