Covid-19 Has Changed How We Navigate the World of Real Estate

The coronavirus has changed our lives in countless ways, so it should not be surprising The way in which we buy and sell houses have changed, too. Here is how it’s changed.

Nine months into this pandemic and people are still trying to figure out how to live as they normally would pre-COVID. Businesses have had to restructure the way they operate and have had to adapt to this “new normal.” One such industry is the real estate industry.

HomeLight released their 2020 Q4 survey and in it, 92% of the 1,100+ real estate agents who participated said they’re experiencing a strong seller’s market and many expect business to pick up (or at least stay the same) over the next six months.

So, how exactly has industry changed? Let’s take a look at some of the innovative ways agents have had to adapt.

Real estate as a virtual experience

Almost every aspect of our lives relies on technology of some kind. And while real estate agents have used online listing websites to get the word out about their listings, many have had to use virtual tours and so buyers can see the house without actually going through the house.

Potential buyers can ask their agent to set up an appointment to see the house virtually. This is where the agent will go through the house their client is interested in and use Facetime or some other live streaming program as they walk through the house. Their clients can ask the agent questions or them to show features of the house up close.

Also, once the tour is over, the agent could take the tour (if they recorded it, of course) and post it on the listing’s web page.

Another way technology is being utilized is by reviewing and signing documents virtually through a program like DocuSign. Those who are required to be at closing do not actually have to be in the same room. They can sign the documents digitally and use Zoom to discuss the terms of the contract. This way everyone does not have to worry about trying to find a time that is convenient for everyone to meet.

New amenities are in higher demand

Thanks to the pandemic, the features buyers are really looking for have changed from last season. Yes, people still want a renovated kitchen with plenty of counter and cabinet space. Yes, they still want hardwood floors and a well-maintained yard. However, buyers are more interested in home offices. The survey shows that 39% of agents have clients that want one or more offices because they’re working from home or their children are doing distance learning and they need a space where they can get work done without distractions.

Another amenity buyers are looking for are large windows that’ll let in lots of fresh air and sunlight. Not only do they want large windows, but they also want energy efficient windows because they’ll save on energy costs, which is always a good thing!

Welcome to a new real estate experience

Of all the industries that have been affected by the raging pandemic, the real estate industry hasn’t been hit too hard - at least for the time being. Who knows how it’ll fare once January 2021 rolls around and there’s a huge surge of evictions and foreclosures if the government doesn’t pass a stimulus plan.

The resilience of this industry can be attributed to the fact that everyone will always need to find housing, that is not going to change. Unfortunately, 76% of agents say inventory in their area is at an all-time low, which is great for sellers because they could receive multiple offers… But it’s not so great for buyers because it may be harder to get to the closing table once you find a property you love.

With all of that said, if you are working with a top-selling real estate agent, they’ll make sure the process goes as smoothly and safely as possible.

If you’re looking for a top agent in West Islip, call us today!