Over the past 4 months we have seen several adaptations within the real estate market as people continue to buy and sell their homes. So, what is happening within the market? And how do these changes affect how you buy or sell your next home?
Embracing Technology
With continued calls to physically distance, technology has taken on an even greater role in how we buy and sell our homes. Available on sites like MLS, 3D tours have become more common. Zoom calls to meet with your local listing agent are now available, and more and more people are experiencing virtual walk-throughs from the comfort and safety of their living rooms. Buyers and sellers are now negotiating and finalizing deals via technology and even utilizing apps with encrypted e-signatures for ease of completing the necessary documents. But what if you really want to see the home in person?
Safely Visit the Property
Buying and selling your home is one of the biggest decisions of your life and so it makes sense to want to experience it in person before making the commitment. So, how can you do so while practicing the appropriate safety measures? Here are some of the steps that Urban Sky has taken to allow you to practice physical distancing while adhering to the recommended safety guidelines:
• Reducing the number of high touch areas and overall traffic through our homes. We suggest that potential buyers or sellers schedule a house showing ahead of time so that both parties are prepared.
• Sanitizing high touch areas before and after each showing, having hand sanitizer available for anyone touring the home.
• Limit the number of visitors to the home at a given time I.e.) Unless necessary, try to limit the number of members from a single home visiting the property.
• Arrive in separate vehicles (buyer, agent).
• Encourage the use of a mask and gloves (provided you feel comfortable with these items).
• Maintain physical distancing whenever possible.
The Good News
• Low rates. Interest rates are historically low which, depending on your situation, means that as new home buyer, you could experience significant cost savings on your mortgage.
• Time to research. With the increased number of resources and access to online tools, now is an excellent time to be researching your next home or finding ways to best stage the home you are looking to sell. As a home buyer, this will help ensure you find the best home for the best value. And as a seller, this will help you achieve your list price and maximize your return on investment.
• Preapproval. Now is also a great time to get preapproved. Doing so allows you to determine what you can afford and can help secure a low mortgage rate while you shop for your next home. Should rates drop before you are ready to commit; then you will often have access to that better rate which means additional savings.
Purchasing your next home is an exciting investment opportunity; one that is rewarding as you start to accumulate equity. If you feel you are ready for your next home, we encourage you to contact one of our team members and find out what options are available to you.