Today I had my first closing since the coronavirus pandemic started. I wanted to share what we are seeing differently, in terms of procedures, and how to accomplish your real estate goals from home.

First off, in the state of Florida, Realtors and other real estate professionals are categorized as essential. Surveyors, appraisers, inspectors, and title companies are all still working to close real estate transactions. For example, the transaction I am closing today did go under contract at the beginning of the coronavirus pandemic and safer-at-home orders. The closing did go smoothly and we did not see any delays. However, things did run a little different due to the coronavirus. What are we seeing that is different?

• Touring homes: If you can do a live tour, personal protective equipment is required. Buyers and Realtors are wearing face masks, gloves, booties and other PPE while touring properties. Additionally, we are adhering to social distancing guidelines during these tours. Most listings now offer a virtual tour option as well. You can either do a virtual tour via a pre-done video provided by the listing agent, or your Realtor will go tour the property and call you through a video service such as Zoom or Facetime to complete the tour. That is what we are seeing on the buyer end to keep people safe. For listings, vacant properties are receiving more tours than occupied listings. If you are a seller with a vacant property, you can expect to see better results and a shorter time on the market.
• Once Under Contract: For appraisals, it is taking a longer time to get them completed. Not every appraiser wants to go in an occupied property, and that is creating a back log. There are procedures that appraisers and inspectors are doing for occupied properties. They are wearing PPE, sanitizing when they are in the property, and adhering to social distancing rules. The biggest change we are seeing is with closings. Only critical people are allowed at closing – primarily those that need to sign. Mobile and remote notary options are also available. I even saw a company do a drive-thru closing option so you didn’t even have to get out of the car. People are getting creative to adhere to guidelines while still accomplishing their real estate goals.

If you did have a real estate goal this year, such as to buy or sell, there are items you can do at home.

• For Sellers: I have been doing virtual pre-listing consultations via Zoom or other video platform. We do a virtual tour of the house and discuss repairs and staging that can be done before putting the property on the market. We can even discuss renovation projects that may be helpful to add value to your property. If you are comfortable, sellers can also complete a pre-inspection of their property. An inspector would do an inspection similar to one completed for a buyer. From that inspection report, the seller can address repairs and outdoor needs themselves. Completing an inspection can help a seller save money in repairs. It also helps remove risk especially in the current market. Because we are in the middle of the coronavirus, things are changing frequently. The longer something sits, the more you risk the house not selling or the house selling for less. Also you don’t want to risk losing a buyer in the current market. Some buyers are taking the attitude that they can be more picky and demanding. Completing repairs and ensuring your home is in the best shape helps attract top dollar and prevents buyers from leaving a contract after inspection. With the safer-at-home orders, you are stuck in your home right now. Take advantage of that time! For example, my husband and I sodded our backyard and other households are painting. There are a lot of projects you can do from the comfort of your own home that can help you when you are ready to list. For those that want to sell, I have successfully listed during the pandemic. People are touring. For example, I had a listing this weekend get 7-10 tours and we are in the middle of getting multiple offers. Don’t think you cannot list right now. It just looks different. We do pre-cautionary measures and we do include virtual tours.
• For Buyers: Get online, start looking, start watching virtual tours, and narrow down the neighborhoods that interest you. Look at pricing and features, then make a list of your top areas and must-haves for your future home. When you are ready to buy – whether it be now or next year – you will already know what you want to buy. You will be prepared. Online research is great. It really helps you understand the market and helps you know when you walk into the home that you want (as you have already toured all the other less desirable ones). With all the virtual tours out there right now, you can spend all day touring homes. Matterport is a 3D tour option that feels like you are walking in the property and a great option for tours at home. Typically I recommend buyers go to open houses at the beginning of their search. As live open houses are cancelled right now, I would recommend you attend virtual open houses. You can hop on Facebook Live and see what is out there. Message the agent during the virtual open house with follow-up questions. Now is the time to be doing that extra research. You will have a leg up on the competition when you are ready to buy and you can move faster!

Now I am going to share some predictions on changes coming for the real estate industry. It does not mean they are going to be right, but I just want to share what we are seeing and thinking in the industry right now. We have never had a coronavirus pandemic shutdown before, so we really don’t know what it is going to look like.

• Delayed Busy Season: The pandemic did hit in the middle of the spring/summer busy season. It is statistically the best time to list your home as households are moving over the summer and before the new school year. The pandemic is dampening that movement as people lose jobs and others are delaying moves. Right now, people are stalled. Once safer-at-home restrictions are lifted, we may see a full force of people coming out who have to buy a home and couldn’t in April. If you are planning to list, May would be a good time. You may be able to capitalize off that wave of new buyers. Those buyers may also need to move quicker and as a result, will make a quicker decision. If you are one of those buyers, this is why I am recommending you complete your online research. This will allow you to move quickly as homes tend to sell faster during the busy season anyway. You will be able to close before the next school year.
• Recession Prediction: There are quite a few media outlets predicting a recession as a result of the pandemic. We don’t know if that will happen. For sellers, if a recession is coming and prices are expected to drop, this would be the beginning of that drop. Therefore, you would be at the high end of pricing. Real estate is not like the stock market where each day you know it has dropped X%. Appraisers pull from the last six months. If a recession is starting now and prices are starting to go down, you are not going to see as a drastic drop in valuation and pricing. Waiting six months to a year may hurt you in terms of pricing if a recession does happen.

Other COVID-19 Updates:

Click to Read about the Virtual Home Buying Process

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