Real Estate Buying and Selling during Covid 19 era

buying and selling

EASTON — Real estate agents and their colleagues have adapted quickly to the new practices required by the COVID-19 pandemic, said Judy Germain-Dinges, president of the Mid-Shore Board of Realtors.

You still need an experienced professional to help you navigate you through the buying and selling process, and you still need to do all the usual things, only differently. Here are some key differences:

The majority of the paperwork is handled remotely. Buyer and seller agreements, mortgage applications, signing contracts and even closings are handled electronically. Access to a computer is essential, and a way to scan documents is helpful.

The biggest challenge that many homebuyers are facing today is getting to closing successfully. Low interest rates make now an attractive time to buy. As always, you will want to get pre-approved for a loan. Agents say lenders may have increased the minimum credit score and/or require a larger down payment. As a buyer, you may want to check with multiple lenders so you know how much house you can afford and to obtain the best loan terms. If approved a few weeks ago for a mortgage, it’s best to reconfirm that you still are qualified.

There still are in-person home showings, with the homeowner’s approval, only these are limited to three people at a time. If touring the home in person, clients and agents ride separately to properties, and masks, gloves and shoe coverings should be worn. Before a client sees the home, all doors are opened and lights are turned on to avoid touching surfaces.

The more popular way to see a home is by virtual tours. The virtual tours are live or recorded, and can include the inside and outside of the home plus the neighborhood.

“This is the best way to observe the current hygiene protocol,” Germain-Dinges said.

Buyers, sellers and agents are not attending the closing together, and few, if any, documents need actual signatures. Depending on the title company, a mobile notary service may be used.

The inventory of homes is low, and those that are available are moving fast. Mid-Shore agents say they are not seeing home prices reduced due to COVID-19.

While the industry will not go completely digital, some of the new buying and selling process is here to stay. From virtual showings to online closings, Mid-Shore realtors and all related businesses are working together to help their clients navigate this new process. It still is a good time to buy and sell, but it’s best to go into the process knowing it may take longer and will be a different experience that continues to evolve.

The mission of the Mid-Shore Board of Realtors is to advocate for its members and the public to preserve the right to own, transfer and use real property. MSBR provides its members with resources to conduct business professionally, in accordance with the Realtor Code of Ethics.

Source: The Star Democrat

You May also Like this

rental property
Can you buy rental ...

You’ve heard that buying a rental property can be a fantastic way...

Commercial Real Estate
The impact of COVID-19 ...

For a long time now,  real estate has been seen as a cash flow-generating...

Real Estate Market
Business Opportunities in the ...

With the economy fluctuating, more investors turn to the real estate market...

real estate professionals
Things Real Estate Professionals ...

During this , social unrest and an upcoming election, a lot has...

Virtual Real Estate
Blockchain Technology to monetize ...

In the “real” world, has historically been seen as a viable investment....

brrrr
What is the BRRRR ...

If you're part of the business or plan on breaking into it,...

Macroeconomic
Macroeconomic Issues in Real ...

Understanding macroeconomic risk is critical to a successful strategy. While this form...

illiquidity premium
What is Illiquidity Premium ...

Illiquidity premium is the excess return an investor stands to earn in...

renewal
The procedure for the renewal ...

According to Section 1 of the , the law vests the ownership of...

pandemic
Post COVID-19 pandemic and ...

Adapt. Innovate. Accelerate. This is the mantra for any business right now...

Real Estate Wholesaling
Real Estate Wholesaling Pros ...

wholesaling is a kind of arbitrage in which a party known as a wholesaler...

stamp duty
The new Stamp Duty ...

Taxes are one of the ways through which the Government generates revenue...

WFH
How Work From Home ...

Google has announced that it will continue with work from home (WFH)...

Investment Portfolio
Investment Portfolio Diversification in ...

Months after the onset of Covid-19, we continue to see its impact...

path of progress
What is path of ...

As a , you may have heard the term path of progress before. The...

Virtual Real Estate
Increase of Virtual Real ...

Prospective buyers getting their first glimpse of potential homes through smartphone cameras...

Property Managers
Operational Guidelines Property Managers ...

The pandemic crisis has thrown nearly all industries for a loop, and...

Commercial real estate
The Effect of the ...

The real estate industry is changing, a change that started before the...

Disruptive Real Estate
Disruptive Real Estate and ...

What do Google, Microsoft, Facebook, Twitter, Visa and American Express all have...

Post-Pandemic
Outlook of Post-Pandemic Commercial ...

The COVID-19 pandemic is having a transformative impact on (CRE) markets. The...

invest in real estate
Reasons you should Invest ...

Your current financial stability doesn’t guarantee that you’ll be free from financial...

Retirement
Real Estate Investments for ...

Real estate can be an incredible tool to help you prepare and...

Real Estate Industry
Tips to better understand ...

If you're looking to buy or sell property, it's important to have...

Real Estate Investment
Ways of getting involved ...

While many people get involved in real estate to generate a return...

value
How to assess the ...

If you’re investing in property, you’ll need accurate real estate valuations to...

Real Estate Investors
Guiding Principles for Real ...

While the national faces significant uncertainty right now, it's important to recognize...

Real Estate Investing
The largest benefits of ...

Real estate is one of the best possible ways to drive personal...

The Real Estate Market
How the Real Estate ...

If you're looking to buy or sell property, it's important to have...

Remote Working
Remote Working and its ...

Many ask if the remote working culture will be here to stay,...

unstable market
Investing in Real Estate ...

The industry is filled with its share of ups and downs. In...

real estate investments
Real Estate Investments to ...

There are several types of real estate , but most fall into...

office space
Will the Pandemic make ...

A myriad of publications have already pronounced office space a trend of...

covid-19
How to adapt Commercial ...

The escalating economic is being felt far and wide across every industry....

How the pandemic will affect Resident Demands in the future
How the pandemic will ...

The current pandemic and global response is a once-in-a-lifetime event that has...

real estate stock market
The effect of Real ...

Financial market commentators tend to focus on the price of bonds and...

digital asset
How Real Estate is ...

Yesterday, I had a call with one of my company’s larger customers....

Real Estate Agents
Ways Real Estate Agents ...

There is a reason companies like Tesla have such a loyal customer...

Operational Real Estate
The importance of Operational ...

New York, NY—With the shift towards buying an experience over buying a...

Passive Income
Ways to Earn Passive ...

Passive income is an important factor in building wealth and achieving financial...

millennials
The Future of Real ...

We've all seen studies on millennials circulating around the internet. As the...

land
Things to consider before ...

Looking to buy land to build your dream home? Land is the...

Angel Investing
Angel Investing versus Real ...

I’m often asked what my preference is when comparing angel investing to...

Bitcoin Investment
The comparison of Real ...

Two popular avenues, real estate and bitcoin, have been making waves in...

mortgage
How to find the ...

If you’re looking to buy a home or in a single family...

Reserves
The importance of Reserves ...

Private real estate affords investors considerable control over their , from how...

attorney
The importance of an ...

Engaging the right attorney helps you avoid costly mistakes in deals. Especially...

bundle of rights
The comparison of bundle ...

What is “,” really? Most people might say it's the land and/or...

Lagos State Real Estate Law
Laws guiding the Use ...

The regulatory bodies in real estate include but are not restricted to the following;...

Commercial Real Estate Tech
2020 Top Commercial Real ...

Deloitte’s 2020 Commercial Real Estate Outlook surveyed 750 owners, operators and investors in 10...

Mortgage notes
Guide on investing in ...

Most new investors in active real estate start with a traditional method...

real estate rehab
Stages of Real Estate ...

If you play your cards right, rehabbing houses can be very rewarding...

Multifamily
Investing in Multifamily Real ...

Millions of Americans depend on cash flow generated by long-term investment portfolios,...

ways to invest in real estate
Ways to invest in ...

There is a common misconception that real estate investing requires property ownership....

rental properties
Pros and Cons of ...

Many investors understand why they should invest in real estate for the...

urban regeneration
Planners urge Lagos State ...

Planners have charged the Lagos state government to do more detailed master...

Commercial Real Estate Technologies
Trending Commercial Real Estate ...

The commercial real estate industry has entered a new phase of technology...

Real Estate Location as a franchisee
Tips to secure the ...

Real estate site selection has the power to make or break any...

Remote Workers
How Remote Workers affect ...

As more people are able to work from home, housing priorities have...

5G Technology
5G Technology REITs

There is a revolution going on. You’ve probably heard the term 5G...

buyers
Questions Home Buyers should ...

Buying a home is one of the most expensive decisions you'll ever...

remodeling
Mistakes to avoid when ...

Americans are spending less on home renovations than they were at this...

Real Estate Market
Reasons for investing in ...

Are you thinking about purchasing your first piece of real estate? Investing...

real estate funds and REITs
Differences between real estate ...

Are you ready to invest in real estate? Real estate funds and real...

Agents and Brokers
Differences between Real Estate ...

Real estate transactions often involve significant amounts of money. As a result,...

real estate crowdfunding
Real Estate Crowdfunding Investment

Ask a rich person how they got rich, and there’s a good...

Investing Real Estate Market
Investing in the right ...

Investing in real estate is tremendously exciting, and can be very lucrative....

housing in Nigeria
FMBN to build 100 ...

Ahmed Dangiwa, Managing Director, Federal Mortgage Bank of Nigeria (FMBN), said the...

local real estate market trends
Factors that determine Local ...

Real estate markets trend between times of boom and bust, depending on a...

invest in real estate
Affordable ways to invest ...

Real estate can help diversify a portfolio. One way to grow your...

real estate digital finance
8 top concepts of ...

In all history there has never been a more profound era of...

appraisal services
Why you need appraisal ...

Real estate investing can be an excellent way to earn passive income....

Real Estate Investment
Determining your Real Estate ...

Malcolm Gladwell states that it takes 10,000 hours of practice to become...

real estate agent
12 Qualities in Selecting ...

Purchasing a home is a huge financial commitment, so finding the right...

National Urban Development Policy
Revision of the National ...

The long-awaited overhaul of the National Urban Development Policy (NUDP) has been...

Warehouse
Capitalizing on the Warehouse ...

Everyone knows that retail is evolving, and common thought says that retail...

Mixed-Use Real Estate
Benefits of Mixed-Use Real ...

In cities, mixed-use real estate is hidden everywhere. Someone likely lives above...

dead capital
Real Estate Dead Capital ...

PwC estimates that Nigeria holds at least $300 billion or as much...

Post your Comments

NAME *
EMAIL *
Website

error: Content is protected !!
%d bloggers like this: