Usually, spring is considered to be a more active period in the real estate market but not this year. Even if quarantine finishes, people will be still influenced by the situation. A sudden burst of coronavirus in Europe and the USA has led to the situation when most of near-deals have fallen apart. At the same time, this home period allows many people to think about their future and build plans. Moreover, many realtors support the idea that lower rates caused by pandemic are a perfect opportunity for those who did not have enough money for a dream home.
One more important aspect of a real estate agent’s job such as showings has almost disappeared. However, it is a key moment for many buyers. A necessity to stay home and avoid contacts with other people has led to the fact that realtors had to go digital and add not only photos of homes for sale but also prepare virtual tours for people who are interested.
Situation with buyers
Naturally, most of the potential buyers have been discouraged to continue the search and made a long-term pause. Many people have even lost money for inspections and refused to close deals being scared by the following situation. However, it is worth mentioning that the number of searches on Zillow has grown significantly.
People have to spend their time at home with benefit so many potential buyers pay attention to a certain property online but do not undertake any actions, unfortunately. At the same time, it is also a good sign that possible drops in the number of infected people will inspire buyers to start acting and buy good homes cheaper.
Even if both buyers and sellers have not been disrupted by COVID-19 and agreed to close the existing deal, it is a real problem today. People are not allowed to gather in one room and have to keep distance restrictions. Moreover, many federal authorities and companies involved do not agree to accept several people immediately, so the biggest part of the process is performed remotely.
Consequently, it leads to much more time required for closing deals and makes many buyers think of backing out. Since this procedure requires following certain, rules, regulations and laws, it may be even soon impossible to close deals if new restrictions are applied.
As you can see, a pandemic has left its print on the real estate market and can even prevent agents from getting their commission for some period of time. Naturally, it is possible to continue working online and by phone to generate leads and look for new properties but the efficiency of such work is minimal and commissions are usually absent. The only hope is to wait for this coronavirus trial to end and continue work in with a new lease of strength.