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7 Things You Need To Know About Real Estate in This Pandemic

7 Things You Need To Know About Real Estate in This Pandemic

Is there anything as stressful as buying or selling a house? To make things worse, it is apparent that the ongoing global pandemic kicks it up a notch. With issues like social distancing and financial instability, the real estate industry is seeing substantial changes for the past few months.

If you have a house you need to sell or wish to buy one, do not let this discourage you. Keep on reading to find out what you need to keep in mind when you contact a realtor.

1. You Have To Accept The Difficulty

If you are looking to sell your property, keep in mind that millions of people are losing their jobs. That means they will have difficulty having a decent livelihood, let alone thinking of buying properties.

If you feel like you are the only one suffering, you are not alone. The pandemic is passing through the spring buying and selling season, being the busiest time of the year for realtors is now at risk.

Similarly, those who are on the tenterhooks of losing their jobs, would not want to put their house on the market. This is not unusual or nonsensical, as none of us are sure when the strict social distancing will loosen up enough to look for jobs. Also when there is uncertainty in the economic conditions, it will be tough to get a good price for any property.

However this does not mean that the real estate industry has come to a total stop, people are still investing in property, whether that’s for business or for starting a family.  It is no surprise that selling a house amidst the pandemic will be more difficult than ever, but it can happen. Advanced technology is helping with virtual tours and transactions to make it easier.

2. Private Sales Are Being Preferred More

Physical auctions are not happening anymore, which is obvious why. However, online and private auctions are quite popular now. Even though this may sound like a safe option to sell or purchase amidst a pandemic, the majority of people are not comfortable or familiar with the idea of an online auction.

Some of the buyers/sellers do not even know how to use computers properly, and this could mean the loss of a group of customers. But for professionals, M.Residence Cyprus is the perfect option. They provide a vast range of property types, and customers can look them up online without having to visit the location firsthand. Their team consists of skilled realtors and marketing specialists who can provide the perfectly tailored service you need.

3. Physical Tours’ Out, Virtual Tours’ In

In a situation where social distancing and hygiene practices are having to be followed strictly, it is obvious that homeowners would not want random people coming over without any determination of potential purchase. Popular real estate companies are now streaming recorded videos of the open houses. Some of them are going a step further and providing 3D virtual tours, further increasing their sales.

 7 Things You Need To Know About Real Estate in This Pandemic

4. Avoid Aggressive Offers

If you are not in need of money urgently, avoid pestering your buyers to look up a few more places and take a final decision. If you can wait a little longer, then wait for the post-pandemic dip in the housing market. However, this dip is not for certain and no one knows whether this will occur any time soon or not.

Similarly, with sellers, you probably might want to be a bit more flexible with the valuation of your property to get a sale, especially if the property has been vacant for a long time. Offering lucrative incentives to buyers might attract them, but if not done wisely it can react otherwise and take your potential buyer’s mind off of the property.

5. Check Mortgage Rates 

The pandemic may cause lenders to get rigid with the requirements needed to be fulfilled by the buyers who may be unable to pay their mortgages considering the present financial instability, that must be kept in mind before requesting for a mortgage or refinancing your existing one.

Likewise, avoid buying properties in cities or regions that consist mostly of single-family houses crying out for renovations. At this time, construction loans might not seem like a necessity to banks as the proportion of people wanting to upgrade their house features are less than people wanting a house or basic necessities.

6. Curbside Closing

To limit physical contact as much as possible, housing parties are coming up with efficient and innovative ways to proceed with the paperwork for the closing process. One of them is “curbside closing”, where the paperwork is passed between the cars and after the signing and writing tasks, the pen is thrown out to maintain necessary hygiene.

To some, this innovation may seem unconventional and still might prefer remote set-ups. Some companies are taking this into consideration and offering highly-sanitized workplaces. Apart from the 6-ft distance rule, some companies are also allowing one party in the office at a time for better safety.

7. Keep Calm And Hope For The Future

While it is being speculated that the pandemic may cause a dip in the economy, it may not affect the housing market substantially as they do not correlate strongly with the economy. Think of the pandemic as an event that shall pass rather than something you are stuck with forever.

Final Thoughts

We know how stressful housing decisions can be, and with the pandemic, it is likely to be chaos. However, with some careful sleuthing and choosing reliable realtors, we hope that your journey towards selling or buying property will be safe and stress-free.