Ask Your Real Estate Agent These Questions if You Have COVID Concerns

With COVID-19 unease lingering, the Real Estate market is looking cautiously optimistic, ‘cautiously’ being the operative word here. It would appear that the market is slowly, very slowly, leveling off in certain price ranges, but remains frantic in others. There still appears to be quite a bit of Seller hesitation, and many Buyers continue to make offers sight-unseen.

Sales inventory is picking up in small increments seemingly related to price point. There are definitely more properties cropping up in MLS but supply has not nearly caught up with demand. Especially in the case of an accurately priced, entry-level home, sales remain swift and multiple offers are almost a given. While prices continue to rise more than the norm, Home Buyers are adapting by adjusting their wish list along with their expectations.

Many areas of the country have experienced an exact mirror image of Arizona’s Real Estate market. And throughout the U.S. COVID concerns are still altering the way we live and work. Regulations and policies vary, and even from town to town you may encounter different guidelines. All you can do is to proceed in a manner that is comfortable for you. If you do have health and safety concerns, you should make this clear to your agent. Read on for a few straightforward questions you should be asking.

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If you’re one of the many consumers who are taking advantage of low interest rates and flexible work situations to shop for a new home—or a homeowner who is capitalizing on buyer demand and putting your home on the market—be mindful that the real estate process has changed in the wake of the COVID-19 pandemic. Be sure to ask any real estate agent you’re considering working with the following questions:

1. How will you market my home? With online home search soaring to new levels, it’s more important than ever for a real estate agent to have an extensive online marketing plan for exposing your home to as many prospective buyers as possible. Find out what approach your agent intends to take and what technology they’re using—video tours of a listing are more critical than ever before.

2. What part of the transaction can be handled online? Many parts of the real estate transaction have been transitioning to a digital process in recent years. The pandemic has now accelerated this movement. Ask your agent what steps, including which paperwork, can be accomplished online in order to avoid unnecessary meetings, such as processing your mortgage loan, submitting an offer, securing the title, the home inspection, etc.

3. How are you handling open houses? Social distancing guidelines may have changed the traditional open house strategy for real estate professionals across the country. Find out if your agent is hosting virtual open houses. If you are concerned about in-person open houses, ask what their safety procedures are.

4. Are you doing virtual showings? Many real estate transactions today are happening without a buyer ever stepping foot in the home. This is made possible thanks to live-stream virtual showings with buyers and online contracts. Ask your real estate agent if they are showing homes virtually and what platform they are using, such as Facebook Live or Zoom. You’ll want to make sure that virtual showings are of the highest possible quality.

While buying or selling a home right now may seem daunting in light of the health crisis, the real estate industry has responded rapidly and effectively. A professional agent will be able to guide you through this new—and in fact more efficient—environment.
Reprinted with permission from RISMedia. ©2020. All rights reserved.