27 Mar Virtual Home Sale Guidance During the COVID-19 Pandemic in the Puget Sound
Since the “Stay Home, Stay Healthy,” orders from Washington Governor Inslee, I’ve had many conversations about the impact this has on sellers who are planning to sell this year, and buyers who are left still looking for a home. Here are some commonly asked questions about virtual home sale guidance during the COVID-19 Pandemic in the Puget Sound.
Real Estate Brokers Can Serve Clients Remotely
Yes, we are still open to help our clients.
For Sellers
If you are a seller looking to downsize, relocate, or need to upsize into a bigger home, we can still help you. Here are some commonly asked questions:
When should I list my home?
The current order states that real estate agents are not allowed to conduct any business outside of their home, including physically showing or previewing properties, conducting in-person listing presentations, taking property photos, staging homes, etc. (NWMLS). What this means for sellers, is that the seller would have to be present in the home to take photos or video of their home and send them over to their broker to list. Depending on a number of factors, this may or may not be the best strategy to sell your home. If you are not that tech savvy, it may be best to wait until the order is lifted.
In the meantime…Seller’s can take advantage of their time at home to connect with their broker on what timelines they are looking at to accomplish the sale of their home and create a strategy that will best help with their goals.
For Buyers
If you have been actively looking for your next home, buyers may have a great upper hand if they find something that is currently on the market. There have been some buyers that are waiting to see what the economic impact will be. However, some people are in need of a home sooner. This means, there may be less competition on the recent low inventory of homes. Many homes already have virtual tours in place. If you end up finding something, your broker can help you put in the offer from home.
Other Questions and Concerns
Are Lenders, Title, Notary, and Escrow still open? Yes. All operations have moved to be remote allowing current and upcoming transactions to still close.
Are Appraisers and Inspectors allowed to conduct business
Inspectors are not considered an essential service. If you are looking to put in an offer pending an inspection, note that the typical 30 day close most likely would be extended due to the Governor’s orders. Appraisers are probably not considered an essential service at this time.
Should I wait to buy or sell my home?
This question is a case by case answer. Some buyers may be actively looking for a home and are staying in a short term rental. Some sellers may be looking to sell their home because they just finished the purchase of their retirement home and are waiting to move. With each question, your broker can help you navigate what the best strategy is for you while making sure to take care of your asset. Also, please keep in mind that the specifics of the order may change.
All of us have been affected by COVID-19 in some way. From a real estate perspective, we are still moving forward to help our clients, friends, and neighbors during this unprecedented time. We are focused on safety measures and taking extra precautions in keeping our clients.
If you have any real estate questions in the meantime that you have been wondering about, now may be the time to ask and prepare for your future real estate opportunities. The time you took commuting before, can be used to educate yourself in real estate, financial planning, and wealth management. I am versed and have resources to help you.
Sources cited: Northwest Mutiple Lising Service, Washington Realtors