Thank you David Jackson, MBA great information.
The current global pandemic due to Covid-19 has disrupted many different segments of life and business. This is just as true for the real estate industry; the uncertainty of the entire situation has slowed the real estate market, and made buying a home trickier than it’s been in quite a while.
According to Statista, there were approximately 5.3 million homes sold in 2019. We can almost certainly expect a lower total for 2020. With that said, those looking to buy or sell a home shouldn’t despair; despite the extenuating circumstances, there’s still a market for buying homes. It’s just going to require a bit more patience and adaptability than the usual market requires. For example, the home buying process will generally begin online.
So where should you start with the home-buying process these days? You can use this resource to find homes that meet your list of must-have features and design details. This is especially important for couples and families that are relocating to an entirely different city or state. As always, local real estate agencies are extremely valuable tools for finding properties in any area. Once you’ve narrowed in on a few home choices, consulting a professional ought to be your next step.
Shopping for Price
One of the most important considerations for home buyers, no matter what budget they set, is shopping for homes by price. The Corona Virus outbreak has changed the way that people are allowed to meet and to gather. The National Association of Realtors had developed guidelines for both buyers and sellers during these challenging times. These are guidelines that assist buyers in finding the properties that meet their needs and sellers, as well. The goal here is to keep everyone in the field safe and informed.
Selecting a Community
Another challenge that some buyers are facing right now is finding enough specific information on homes - especially if they’re moving from out of state to a new area. The best bet in these situations is to start by researching the area and finding the communities that fit what you’re looking for, both in terms of demographics and home values. From there, identify a real estate agency to help you out or find home builders in the area who can answer any questions you might have. These communications will work just fine through phone or email, and can get you moving in the right direction.
The key to these activities is to keep social distancing parameters for buyers, sellers, and agents that may be working together. This is something that may apply to homebuyers that have strict timelines for selling their current homes and buying another one.
Employers that have relocated their staff understand that these timelines will have to be more accommodating for the closing and move-in requirements. This flexibility is paramount right now since even some essential workers in the industry are not working traditional hours anymore.
Understanding the Rules
Shelter-in-Place rules in most areas are going to be more important than the activities of essential workers. This depends on the type of essential work and what is going on elsewhere in the state. Governors and mayors are making decisions based on quickly moving information, which in some cases may delay purchases. It is important that real estate buyers and sellers understand the rules associated with their portion of the country.
These rules and guidelines can vary from state-to-state so far as their details and directives are concerned. Even in the midst of social distancing directives across the country, business activities are still being conducted. Streaming services that facilitate meetings and even virtual tours of properties are beneficial to buyers. It is also important to work with a realtor that is familiar with the area, schools, businesses, and neighborhoods.
Their expertise will prove critical to the buying process and assist those who have limited timelines for these moves. Fields like real estate have been deemed essential at this time, but guidelines and restrictions apply in how brokers and agents conduct their operations. Homebuyers should keep this in mind and be flexible. This is currently the best way to move through the purchasing process successfully.