How Coronavirus Is Changing Homebuying
Posted by Techyscouts | Posted on 07/15/2020
The coronavirus pandemic is sweeping the world, and people everywhere are learning to adjust to the new reality of social distancing. The stay at home orders given by federal officials all over the country are having diverse effects on a wide range of industries – and real estate is no exception. At the offices of Mike Millea, we help our clients navigate the complexities of buying both personal and investment real estate throughout the greater Los Angeles area, so we’d like to shed some light on how COVID-19 is affecting homebuying.
What You Need to Know About COVID-19 & Buying Real Estate
The coronavirus is transforming many aspects of modern life, and that includes the househunting process. Whether you’re searching for a new home for your family or an investment property to add to your portfolio, here are a few changes you can expect due to coronavirus:
- Showings Go Virtual: Gone are the days of open houses and in-person showings. Due to social distancing, sellers are using video walk-throughs and 3D home tours to provide a virtual preview of a property. Even for a private showing, many sellers and buyers are opting to use FaceTime or another video calling service to do a walk-through of the home.
- Longer Timelines: Many banks are now extending the period for buyers to lock in interest rates, expanding the traditional 30-60 days up to 90 or even 120 days. More generally, complications from the virus are causing delays in the buying process for many people, leading the entire process to take longer.
- The Rise of Remote Signing: In-person signings have long been a source of delay for real estate transactions. While some states have law permitting remote signings, others don’t, and in the midst of coronavirus social distancing, many real estate professionals are calling for national legislation permitting remote signings.
- A Buyer’s Market: In very general terms, the implosion of demand caused by social distancing has turned real estate into a buyer’s market overall. While the market is volatile, the shifts caused by COVID-19 have largely favored homebuyers, making this an excellent time for anyone looking to buy a new piece of property.
Contact Your Los Angeles Real Estate Attorney
Coronavirus is unleashing major, drastic changes on nearly every aspect of our economy, the housing market included – but in the midst of all that change, there’s opportunity. If you’d like to truly take advantage of the new opportunities spawned by COVID-19, you need an expert real estate agent, and Mike Millea has decades of experience navigating the most complex real estate transactions for clients all over LA. Take the first step and reach out to us at our contact page today to start discussing your real estate needs. We look forward to hearing from you, and we hope you’re staying safe and healthy in the midst of the pandemic!