How to Buy and Sell Safely in the New Normal

 

While buying and selling real estate was recently deemed essential in Washington State, the landscape looks very different than it did before the COVID-19 outbreak. Real estate offices remain closed to the public with agents (like me) working remotely and hosting virtual client meetings. Important safety regulations prohibit in-person open houses and limit the number of people who can tour a home or attend an inspection. Social distancing will remain at the forefront as we wait for a vaccine or treatment to become widely available.

So how do you buy or sell a home safely in this new environment? Thanks to modern technology, there is a lot I can do to help you through the process while minimizing the risk to you and the community. Here are some tips on how to do it right…

 



 

TIPS FOR BUYERS

  • Do your homework before you tour a home in person. Take a virtual online tour, research the neighborhood and ask your agent to delve into the property and title history. If a virtual tour isn’t available, your agent can give you a preview via FaceTime or Skype while walking through the home.
  • Get pre-qualified. Knowing your exact budget in advance will help you save time and avoid any non-essential showings.
  • Schedule a 1-hour showing window. When you think you’ve found “the one” and are ready to tour it in-person, have your agent book a full hour so that you are less likely to run into other buyers. This will also allow time for each person to see the home since there is currently a limit of just 2 people in the home at once, including the agent.
  • Meet your agent at the home. Instead of carpooling, drive separately and then wait in your car until your agent confirms that the home is empty and ready to tour. Condos may have special rules for showings and you’ll also want to take separate elevator trips if you’re touring a high-rise.
  • Play it safe during the tour. Wear a mask, wash/sanitize your hands when you enter and leave, limit touching of surfaces, and maintain at least 6 feet of social distance from your agent at all times. Assume you might be recorded by the homeowner and observed by neighbors.
  • Meet virtually with your agent. When it’s time to write an offer, your agent can use any number of video conferencing apps to share documents with you and discuss them in real time. You can then sign and authenticate all contracts electronically via a secure service such as Authentisign.
  • Don’t skip a professional home inspection. Due to the difficulties around seeing the home in person, it is more important than ever to make sure you know of any underlying issues it may have. The 2-person rule still applies at inspections so your agent will likely request the seller’s permission for you to be in the home alone with the inspector while the agent waits in the car. You’ll also need to make sure you and your inspector comply with all social distancing and safety rules.



 

TIPS FOR SELLERS

  • Give your listing agent a virtual tour. Rather than meeting in person, utilize an app like FaceTime or Skype to virtually walk your agent through your home using your smart phone. Hold meetings virtually whenever possible and sign documents electronically through a secure service such as Authentisign.
  • Move out first if at all possible. This makes it practical for buyers to comfortably view your home while following the current 2-person limit for home occupancy during showings. It also protects you from any potential exposure—especially important if you are in at at-risk age group and/or have health problems.
  • Time the market with expert advice. Talk to an agent you can trust who follows the ins and outs of regulations from the Governor’s office and also has access to showing data and activity reports that can help you determine the best time to sell.
  • Look your best online. Make sure your agent will coordinate truly stellar home preparation, staging and photography. Consider having a professional video tour and interactive floor plans as well.
  • Have your agent hold a virtual open house. Live-streaming a virtual tour from inside the home is a great way for your agent to reach buyers and answer their questions in real time. Virtual open houses are also now promoted on virtually all home search websites and apps.
  • Prepare diligently for in-person showings. Be sure that you or your agent provides hand sanitizer, single-use booties and masks along with a sign detailing the safety guidelines you would like visitors to follow while in your home. Open interior doors and turn on lights ahead of time to minimize touching. Disinfect high-use surfaces after each showing.

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island

Posted on May 4, 2020 at 2:05 pm
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Economic Insights from Matthew Gardner

How will the coronavirus impact the housing market?

 

As we all hunker down through these challenging times, it is comforting to remember that there will be light at the end of the tunnel.

A voice of calm and reason in this time of uncertainty has been our Windermere Chief Economist, Matthew Gardner. While he is expecting an economic slowdown accompanied by a temporary 15-20% reduction in the number of homes sold, he believes the housing market will bounce back once we find our new normal.

Click here to watch his latest videos, or scroll down for some key takeaways…

 

 


 

The US economy will contract sharply but should perk up by Q4.

We’re in for a rough few quarters as the economy enters a recession. Just how rough—and how long—is still under debate. What economists do agree on is that the 4th quarter is looking remarkably positive…assuming we get through the COVID-19 crisis and the economy can resume somewhat normal activity before the fall.

 

 


Housing prices will likely remain stable.

Seattle home prices should remain steady—or even rise slowly as we come out of the recession—for a few reasons:

  1. DIVERSE INDUSTRIES IN OUR AREA which allow us to better weather the economic storm.
  2. SOLID FINANCIAL FOOTING as one third of local home owners have 50% or greater equity in their homes.
  3. STRONG DEMAND with more buyers than homes available, as well as rock-bottom interest rates.

 

 


This will be different than 2008…

We’re experiencing a health crisis, not a housing crisis.

  1. WE’LL SEE A PAUSE, NOT A COLLAPSE. Unlike last time, the housing market was strong going into this crisis and should rebound quickly. Why? Because this recession will be due to specific external factors rather than any fundamental problem with the housing market.
  2. FORECLOSURES WILL BE FEWER with most lenders offering relief to homeowners in distress due to temporary employment issues. Unlike 2008’s mortgage crisis caused by lax lending standards and low down payments, today’s home owners are better qualified and have more equity in their homes.

 

 


 

Find a Home with Windermere Real Estate

 

Find a Home | Sell Your Home | Property Research

Neighborhoods | Market Reports | Our Team

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

2737 77th Ave SE, Mercer Island, WA 98040 | (206) 232-0446

mercerisland@windermere.com

© Copyright 2020, Windermere Real Estate / Mercer Island

Posted on April 7, 2020 at 2:31 pm
Windermere MI | Category: Uncategorized | Tagged , , , , , , , , , , , ,