Everything You Need To Know About Buying A Home During The COVID-19

By: Abdullah Haroon

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On normal days, spring brings the business to the real estate sector. It remains the business quarter of the year as more people look for developed condos or renters seek out rental properties. To fulfill the demand, sellers are eager to list their homes.

But this year is quite different due to the novel coronavirus. NYC remains the epicenter of the COVID-19 pandemic. To cease the rapid infection of the virus, the state has to go into lockdown. It is easier said than done because it brought the wheel to a standstill. All activities were halted including the real estate sector.

From the day it all started, the business took a sharp plunge down and the real estate industry stopped operating as normal. Given the uncertainty in the market, the majority opted to wait and see how things unfold in the coming months and then take any decision. Real estate agents had to explore digital platforms to keep their financial lifeline going.

So, nothing can be said with certainty that how long do we have to live with the virus? But if it ends up stretching to the next year, the impact will be huge. If the unemployment rate does not fall then fewer people will be able to take advantage of that.

In the wake of all these backgrounds, if you planning to buy a home or are already in the process of buying, consider the findings answers to a few questions like how, exactly, things have changed in the real estate sector.

Is Buying A Home Possible During COVID-19 In NYC?

Yes, if you need a straightforward answer. But is it right to buy now? Let’s explore this question down the road.

The market has adopted certain changes to respond to the situation. Since the traditional procedure of buying a home is not permitted during the pandemic, people are exploring online options. While the internet is a good alternative in the given situation but it is not as effective as an in-person visit. Inventory is down and the impact of the virus on the prices is yet not calculated. In addition to it all, the process is taking longer than normal days.

People are having a hard time convincing themselves of trusting technology than the naked eyes. Experts are not as encouraged about buying property these days rather they advise buyers to enjoy those precious moments with your family as they come up and to sellers that if you don’t have to sell today, then don’t.

However, from a business point of view, it’s quite an opportunity. If you can trust the digital process and find what you want then buying is not a bad decision at all.

The Alternatives Real Estate Agents Have Opted To Show Properties:

The Internet is doing all the magic. The process was already evolving but the pandemic has made the change rampant. Therefore, the only way a potential buyer should be seeing a home is through a digital window. From the first step to the signature on the final deal, everything has gone online.

Various methods used for this purpose are FaceTime, Skype, or Zoom, or uploading a video tour of space to YouTube. More tools are being developed to address the underlying issues in this process. 3D technology is also being incorporated into it to give real-time dimensions of the home.

Are Sellers Back To Business?

Given the inventory lists, the answer to this question is yes. Though it has not peaked like a spring season still there are more sellers in the market than in the previous months.

There could be financial restraints for the owners to put their property on sale. According to the experts, if you can afford to wait for now then doing so is better for your interests.

The Impact Of COVID-19 On The Prices:

Quite surprisingly, given the fewer inventories, the prices remain intact for most of it. It is still cannot be said with utmost clarity how is this novel virus going to affect the market?

The chief factor which is hindering any prediction is not having any clue how long will this crisis go to last? The sooner it resolves the better for the market. On the contrary, if it prolonged then the outlook doesn’t look so good because you’re going to have higher unemployment

The big question everybody is brainstorming about is, how are real estate values going to be like post-COVID-19? The truth is the high-end market is likely to suffer from it as many people won’t have enough money to do the purchase.

Description of a Home with a Healthier Environment to Look to Buy During COVID-19:

In the days of ‘staying home,’ we are more concerned about our protection, our health, and our safety in our home. The truth is what we live in matters not merely for our protection but also for our health and many people undermine its importance of it. Let’s find out a description of a home with a healthier environment.

  • It is good to look at home with Open windows and doors to regularly circulate fresh air and reduce the build-up of air-borne pollutants. Not keeping the indoor air clean has direct consequences for your health.
  • Let the sunlight has maximum time inside your home. it can reduce the lingering effects of winter-induced Seasonal Affective Disorder. In addition to it, sunlight is a natural disinfectant that is more than required during the pandemic. It can help reduce the growth of bacteria and organisms that can live in your home.
  • Get a good glance in the bathroom for any mold or mildew buildup and make sure to have that cleaned before moving in.

Get thorough cleaning of the home along with disinfecting spray.

Final Words:

No doubt, the current time is testing and falling heavy on our nerves but it is not going to stay for long.  As soon as we develop the vaccine, the market is going to have a robust business.