COVID-19 Home Buying & Selling—What to Know

COVID-19 Home Buying & Selling—What to Know

If you think real estate is dead in this pandemic season, think again. The real estate industry has adapted to the situation. Businesses have identified workaround procedures to address the concern of spreading the virus. Read on to find out more if you’re a buyer. If you’re a seller, you can skip to the seller’s part immediately.

For Buyers: Is Now a Good Time to Buy?

The goal of every home buyer is to buy their dream house at the lowest price possible, but that is a skill that even the most experienced and knowledgeable investors have difficulty in doing. If you’re unsure when to buy a property at its lowest price, now might be a perfect time.

The interest rates for mortgages are super low that buyers have the upper hand in any real estate transaction. Another situation that makes buying a home in the pandemic season is the lessened number of competition. Most people stay at home, so there are fewer people to bid for a higher price to the seller.

Sellers are more reasonable in their price range too. The longer their house stays on sale in the market, the more they have to pay for corresponding costs to have it listed. Because of that, you might be able to negotiate the price in your favour.

For Buyers: What Challenges Are You Going to Face?

The pandemic turned the inventory to a record low, which means that some sellers might have pulled out their property for the listing. The result is you will have limited options available. The entire process will also take longer than usual because related businesses are close because of public health concerns.

Additionally, the current price of the property you’re interested in could still drop if the situation continues. It is in your best interest to wait a few more weeks to check if the price lowers in your favour. However, do not wait too long because the amount will go back up again once everything starts to return to normal.

For Sellers: Can You Still Sell Your House This Pandemic Season?

If you think that selling your house this pandemic season is not possible, that is not true. Although the traditional set-up requires potential buyers to interact with a real estate agent, modern technology allows agents to give virtual tours of your home. The new digital experience makes it more likely to buy houses too.

Virtual tours are the best and safest way that both potential buyers and real estate agents can come into an agreement. The set-up allows potential buyers to experience your home while maintaining their safety and at unparalleled convenience.

There are, however, some transactions affected by the pandemic. These include inspections, appraisals, title services, home loans, closing services, and moving services. For these concerns, it is best to consult with a real estate agent to determine what is the best course of action.

If you need a financial advisor to determine your borrowing capacity for purchasing a home in Perth during this pandemic season, reach out to us today to see how we can help.