New rules of the open house and other changes
by Marybeth McLaughin
Are you wondering what’s going on in Real Estate with all these changes we are experiencing the world right now? We’re going to share some best practices with you, so you can get a feel of how we are taking the proper precautions to protect our clients and ourselves during these trying times.
You may or may not have noticed it: there have been no “open house” signs for a while now. Yes, this is true: we stopped doing open house viewings back in March, when the SIP took place. However, we have other ways to view homes and speak with local agents. For instance, FaceTime showings and video tours are all the rage now. As we are adjusting to the online world, we are adapting to keep everyone safe as we continue to navigate buyers and sellers through the home-buying process.
The new rules look like this: showing the rules for listing and buyers’ agents, cleaning and disinfecting the property and sanitation products, rules for every visitor, and rules for the seller.
House showing etiquette
Sellers are asked to open the doors to every room and closet, and leave all the lights on so the buyer doesn’t have to touch anything.
After the showing, the sellers or their realtor will have the task of disinfecting all the surfaces in the home.
Precaution baskets are left at the front door with foot coverings, masks, hand sanitizer and gloves.
Despite the requirements of the new normal, interest in buying and selling homes has remained strong.
During in-person showings
Adhere to social distancing, and maintain a minimum of six feet of space between persons at all times.
Avoid shaking hands.
Avoid touching any surface in the home, such as light switches, and cabinet and door handles.
How this might change the real estate world going forward. One thing that people have acknowledged is that you can do a transaction over the computer or over the phone. However, the process is going to still be the same, because buying a house is a very personal thing, and clients still want to be reassured at every step of the way.
20% of buyers reported actually expediting their home-buying timeline in light of the virus, citing low interest rates and the potential to get a good deal on a home as their main motivation.
Housing Affordability
New homeowners face obstacles getting a mortgage without a bigger down payment and higher credit scores, since lending standards have tightened in the aftermath of the pandemic. Lenders want to ensure that borrowers can still make their mortgage payments during the crisis, following historic layoffs.
Although mortgage rates hover at historic lows, potential buyers are battling with low housing inventory and higher prices, an issue that has plagued house-hunters in recent years and is showing no signs of letting up. Home buyers must act quickly when debating a purchase, sometimes offering over the asking price or getting into a bidding war with other potential buyers.
Expect Competition
To buy a home, you may need to make an offer on more than one property, and yours may be just one of multiple offers. Multiple offers are becoming increasingly normal.