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Buying or selling a home
during a pandemic? Here’s
what you need to know
(BPT) - While the COVID-19
pandemic has delayed real estate
transactions across the country,
some still need to buy or sell their
homes. It's critical to understand
the pandemic's impacts on real
estate, from simply touring a home
to the ability to close transactions.
"Realtors® across the country have
implemented a range of innovative
and secure solutions to comply with
social distancing directives while
still enabling people to buy and sell
homes," said NAR President Vince
Malta, broker at Malta & Co., Inc.,
in San Francisco, Calif. "In these
difficult times, Realtors® are also more
than just service providers. They
are engaged community members,
committed to building and enhancing
the neighborhoods they serve, from
checking in on neighbors and friends
to offering guidance to their clients."
As home buyers and sellers adjust
to these extraordinary circumstances,
the National Association of Realtors®
offers advice on how to navigate this
new temporary real estate reality.
WHAT BUYERS
NEED TO KNOW
Home tours will look
a little different
Where in-person showings are
still offered, potential buyers can
expect quicker tours and may be
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asked to take extra precautions
such as removing shoes, using
hand sanitizer and avoiding
touching anything in the home.
Many sellers have offered virtual
tours of their homes through pre-
recorded videos or live video streams.
In fact, according to a recent NAR
survey on the pandemic's impact
on real estate, three in five Realtors®
said they are guiding buyers through
virtual home tours. Buyers that decide
to go on a virtual tour should ask
their Realtor® questions about things
that are more difficult to experience
and understand through video, such
as size (e.g., height of the ceilings or
dimensions of rooms) or materials,
including the flooring or countertops.
Interest rates are low
Interest rates are at historic lows;
however, that could change given the
fluidity and uncertainty surrounding
COVID-19. As more people file for
unemployment, mortgage lenders
may tighten lending standards,
subsequently driving rates up. Or
delayed demand could push rates
further down. Potential buyers can
prepare for home ownership by
understanding their budget, building
a good credit history, and getting
prequalified for a mortgage. Some
lenders even allow borrowers to lock
in interest rates for limited periods
of time - with now being a great time
because of the low interest rates.