The last month has been chaotic, especially in the world of real estate. Many agents adapted quickly to help their clients during COVID-19, and some of these changes might be here to stay.
How Real Estate Will Change After COVID-19
Let’s face it—we’re all ready for things to go back to normal. But many people are asking themselves what “normal” might look like in the next few months. If you’re still thinking about buying or selling your home this year, here are a few trends that might linger for a while…and some changes that probably won’t stick around.
Virtual Tours Are Here to Stay
Virtual tours have been around for a while, but they’ve transformed into an essential tool for buyers who are looking for their perfect place. And while they can’t replace in-person showings and open houses, they’ll definitely remain popular after the COVID-19 crisis ends.
Now more than ever, many agents are offering virtual tours of their listings to reach quarantined buyers. However, they’re also helpful to those who are moving from out-of-state and cannot physically attend a showing. We can expect to keep seeing plenty of virtual tours in the coming months, especially in relocation markets like South Florida.
In-Person Showings Will Make a Comeback
Although virtual tours will remain popular for years to come, some buyers aren’t willing to commit to a home without seeing it themselves. Most Florida agents are sticking to online showings for the foreseeable future, but we’ll probably experience a sharp uptick of in-person tours once social distancing measures are relaxed.
Physical showings might resume before the end of this year—however, buyers, sellers, and agents will have to remain vigilant. You may still have to limit contact with surfaces or sanitize thoroughly before, during, and after the tour. While these changes might seem inconvenient, they’ll help keep everyone safe in the long run.
Remote Closings Will Gain Popularity
Nobody loves filling out paperwork, and there are just certain parts of the closing process that are inconvenient. In order to comply with CDC guidelines, buyers and sellers can now close on their homes remotely through e-signatures and mobile notarization. Some agents are even willing to hand-deliver your paperwork or video chat throughout the process!
Believe it or not, remote closings may soon become the norm for everyone. Having the ability to sign documents online can be extremely beneficial to remote buyers and sellers, too.
Expect an Influx of Eager Buyers and Sellers
COVID-19 has changed all aspects of life here in South Florida—and it’s forced some buyers and sellers to press pause on their real estate dreams. While it’s impossible to predict the impact that this situation will have on the market, plenty of people are still eager to make a move later this year.
We will probably see a steady influx of buyers and sellers entering the market during the late summer. Although spring wasn’t quite the hot real estate season we were expecting, it’s still possible to make a deal this year!
Looking for More Info on COVID-19 and Real Estate?
If you’re curious about how the COVID-19 crisis will affect the South Florida market, we’re here to help. Check out our virtual buying and selling programs for more details, and give us a call with any questions. The Scott Patterson Group is always here during your time of need!