With summer quickly approaching, now is the time to make predictions about the housing market in the upcoming months. As the COVID-19 pandemic continues in the U.S, buyers, sellers, and agents are pressured to modify traditional real estate practices to meet the unprecedented needs of these challenging times. Interest rates are at a continuous low, bringing many buyers into the market, and this trend is predicted to continue into the summer. Read on and discover a few housing market trends to anticipate into the summer.
Traditional open houses may not be a part of the summer housing market as a result of precautionary measures surrounding the pandemic. With these social distancing measures in place, individual visits will continue to be the norm this summer due to current COVID-19 guidelines. Prospective buyers who want to see a listing in person will be required to schedule a time to limit the number of people in a home at once.
While it is difficult to predict, there is reason to believe that because there may be inventory reductions in many markets across the country, there will also likely be a spike in bidding wars. Sellers this summer should keep this in mind as they are pricing their homes.
The ongoing pandemic continues to increase the need for digital applications for real estate professionals. Not only are agents using virtual as a way to show homes, but electronic document signing has also increased in popularity in previous weeks. Regardless of what unfolds with COVID-19 in the upcoming months, we should expect the industry to continue to adapt to digitized processes. In many ways, digital usage promotes efficiency and is a cost-effective way of conducting business.
The COVID-19 outbreak in our country has brought much uncertainty to the real estate industry. Buyers and sellers want to remain informed about the current state of the market this spring, whether or not homes are selling in certain areas, updates about the virus, and other information that would affect their real estate plans.
Email continues to be one of the most widely used digital communication methods in the world today. Businesses of all sizes use email to connect with customers. In terms of real estate businesses, it is a great tool for sharing relevant information with current and prospective clients.
Not only can you provide relevant news updates over email blasts, but you can also promote your business. Because Americans are remaining at home during the pandemic, they are spending more time online and as a result, are hungry for fresh content each day. Potential buyers and sellers are curious to know how your real estate services will be able to help them reach their goals. They also want to know whether or not you are taking the proper precautions to serve clients while practicing social distancing, as well as any special offerings you may be having.
Many businesses today will advertise their email lists over their social media accounts. This is also an excellent way to direct people to your website. Once you have identified your target audience for your email list, you can begin tailoring your campaigns to provide the most relevant types of content possible. You want to be sure that the landing page you provide has an opt-in/subscribe button to those who wish to enter their email.
If your real estate business has yet to create an email list you are missing out on an excellent opportunity to gain subscribers and potentially turn them into your clients.
While some Americans love being able to work out of their homes, many are struggling with this significant change in their work environments. If you are accustomed to working in an office or traveling throughout the day, it can be difficult to adjust to working from home during business hours. Consider the following potential benefits of working from home as a real estate agent during the COVID-19 pandemic.
A vast majority of American workers do not enjoy long work commutes. Not only can traveling to work every day be expensive, but it is time-consuming. Now that many employees have the opportunity to work from home, they can also enjoy less time spent driving, sitting in traffic, or dealing with public transportation. This time saved from eliminating your commute can now be used to spend more time with your family, exercising, or personal hobbies you would otherwise not have the time for on a typical work day.
People generally feel at ease when they are at home. When a person is more satisfied with their surroundings, particularly in their work space, they tend to feel happier and more productive throughout the day. As a result, they are more efficient in their role with greater job satisfaction.
While this is not necessarily the case for every agent, many agents are more productive when they are working out of their homes. This is because office settings can sometimes be loaded with distractions from working with members of a team. When an agent can work in a remote setting, they can tailor their workspace to make it an ideal personalized workspace. For example, an agent may enjoy working in a room with windows or prefer to work with soft background music playing to help them concentrate.
The COVID-19 pandemic in the U.S has increased the need for digital notarization and e-signatures this year. While they have been in use for some time, they are becoming more common in real estate transactions in recent weeks. Home buyers, sellers, and agents want to continue practicing social distancing while carrying out home closing procedures. Instead of keeping 6 feet away from others while wearing a face mask, many people are choosing the virtual route instead. If we continue to see successful remote closings, we should expect them to be used readily even after the pandemic comes to an end. Besides the obvious benefit of being able to stay at home, here are three significant benefits of remote closings during COVID-19.
In 2020, people work on all different types of schedules. Because of this, it can be challenging to get all parties involved in a real estate transaction together in one physical location. However, with remote closings, you do not need to worry about scheduling or everyone driving to one place.
For years, paper documents needed to be printed and distributed to home buyers. Because several documents are needed, it is easy for a page to go missing or for a buyer to miss a signature. With remote closings, this eliminates this concern because they ensure everything is filled out entirely.
It can be stressful for buyers to sit at a closing table. For most people, buying a home is the largest purchase a person will make in their entire life. People tend to be less anxious at remote closings because they feel less rushed when asked to sign several online documents. Buyers can review documents ahead of time before the eClosing to be sure they fully understand everything.
Are you in the market for a new home? Although the outbreak of COVID-19 has made the process of searching for a home more challenging for much of 2020, it is still possible to purchase your dream home this spring. Keep reading and discover a few tips designed to help you at different stages of the home buying process during COVID-19.
COVID-19 addendums are becoming increasingly more common in various real estate markets across the country. Buyers are looking to provide themselves with another layer of protection with their home purchase because of the uncertainty caused by COVID-19. For example, if deadlines in terms of the contract get pushed back due to COVID-19, an addendum will protect you. Once you have found a home you want to buy, be sure to speak to your realtor about including a COVID-19 addendum.
One of the best steps a home buyer can take when beginning their home search is to get preapproved for a mortgage. This fact remains to be true during COVID-19. Sellers are far less inclined to entertain interest from buyers who are not pre approved because they are seen as less serious buyers. Another benefit of being pre-approved is that you will likely have a better idea of how much you have to spend. After you receive your pre-approval letter from your lender, you will know your exact price range. This knowledge will allow you to narrow down your home search, as well as you to quickly act on a home that was recently placed on the market.
Your safety should be your number one priority during your home search. By using technology to aid the buying and selling process, you can help to protect the health of buyers, sellers, and agents during COVID-19. If possible, attend virtual showings and walkthroughs before attending any in-person showings. The goal of buyers should be to limit the number of homes that they physically walk through. In other words, only attend in-person showings if you are seriously considering submitting an offer.
This year has brought much uncertainty to the real estate industry. Because of social distancing, sellers are unsure if now is the right time to list their home. Although the COVID-19 outbreak in the U.S is complicating real estate transactions, agents are finding new and innovative ways to close deals across the country. If you are selling your home this spring, here are a few tips that should help throughout the process.
Homebuyers are always looking to see high quality photographs in home listings. There are several steps a seller can take to potentially improve the quality of these photos. This includes removing clutter, making repairs, repainting walls, investing in upgrades, and proper staging.
Many sellers are pricing their homes below what they would otherwise list their homes for before the pandemic began. Although COVID-19 is affecting home values in the U.S, it is important to remember that the impacts are temporary. With this, it is likely a mistake to list your home far below you think your home would otherwise be worth. Also, pay attention to comparable prices right now and not just older sales. A seller can gain a better understanding of their market if they can gain an understanding of what similar homes are under contract for currently.
Because of COVID-19 and the restrictions put in place by government officials, buyers have more bargaining power than usual. With this, more negotiation may be needed to close on your home. Home sellers need to be ready for additional negotiations even after they get to contract. Because there is much uncertainty in the real estate market, you may need to be more flexible with your negotiations to close on the deal.
