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Selling real estate in a post-COVID environment

On Behalf of | Jun 21, 2023 | Risk Management

While countless industries struggled during and following the worldwide COVID-19 pandemic, one, in particular, saw significant revenues from 2020 to 2021. The real estate industry significantly benefitted from unprecedented lower interest rights, not to mention considerable demand. Fast forward to today. The housing market remains strong, yet with a limited volume.

Those who did not avail themselves of the potential savings decided that familiar and existing surroundings in uncertain times took precedence.

New methods take precedent

What changed most in the home buying process beyond looking for new dwellings versus staying put is the significant changes in the most straightforward practices when it comes to showing and buying homes.

Even though national orders to stay home, wear masks, and social distance has expired, countless people remain skittish about bringing people into their houses. Many states and localities maintain their restrictions, leaving open the chance of yet another variant spreading through the country.

In the end, it is left to the seller’s discretion as to how showings will commence, mainly if they are still residing in their home. Sellers have notified many agents to schedule appointments for showings on clients that are pre-approved. As with any industry post-COVID, comfort with the process is still paramount, including access to hand sanitizer, gloves, and other types of protection.

Many new home seekers still prefer to see the dwelling in person. When the pandemic began, real estate agents were initially slow to adapt. As sales and customers began to wane, they began to think “outside the box,” relying on social media and virtual tours.

The housing market remains competitive, with little time to schedule online tours or walk through the home. The time span from listing to sale is measured in days, if not minutes and hours. For many prospective homeowners or those looking for a larger home, a successful bid may come down to the luck of the draw.