How to Handle a Real Estate Deal During the Coronavirus Pandemic

Buying, selling or looking for a home right now? You can bet you’re not alone when it comes to having plenty of questions, especially in light of the uncertain financial climate.

While properties still are going under contract and new listings are coming on the market, you might still be nervous about selling or putting in an offer. Here are some questions to ask during these uncertain times to help you figure out the path forward. 

Should I sell or buy?

While people will still have to move, this year’s spring market will be very different. But if you can get past all of the apparent hurdles, it’s a good time for buyers because they can get low-interest rates and it’s a good time for sellers due to low inventory. Bidding wars still even exist for some properties.

In other words: If you have a good house that is priced well, you can sell it. Although showings have dropped off significantly because of public health recommendations to stay home, don’t take your property off the market if you’ve already listed it. People have time to look for homes now more than ever, which means there is a lot of online looking going on right now. 

Already had your bid accepted on a home? You might not want to pull out of the deal and lose your inspection costs if the sellers won’t agree to requested improvements or to lower the cost. 

The reason: You might find that many of the houses remaining on the market already have offers on them because there isn’t a lot on the market right now.

Will I be able to close?

Social distancing restrictions and business closures are making it difficult for the people required to conduct a home closing to gather in one room, which makes closings an issue right now.

Plus, with some municipal buildings closed, recording a sale might not be possible. But, as much as they are able, parties appear to be trying to make the closings work by recording them remotely or by appointment. But if social distancing measures become even more strict, that could make closings more difficult.

If we move into a more locked-down environment where people have to decide if appraisers and notaries can be sent out or not, it could be even more tricky. 

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