3 Things That Have Changed in Real Estate Since the Pandemic (and 3 Things That Haven’t)

3 Things That Have Changed in Real Estate Since the Pandemic (and 3 Things That Haven’t)

The global COVID-19 pandemic has affected life across the globe. Strict social distancing measures, school closures, and, in many locales, a ban on all non-essential businesses have turned people’s lives upside down and thrust us into a surreal existence where we’re spending nearly all of our time at home.

From a real estate perspective, it would be disingenuous to say that nothing has changed. Great agents are honest at all times, even (especially) when it’s difficult.

That said, there’s no indication that we’re in (or headed toward) a housing crisis like the once-in-a-century 2008 collapse. And, by all accounts, the fundamentals of the housing market remain in place, despite the safety precautions enforced by health and government officials.

The following list may help you better understand what’s changed and what hasn’t in the world of real estate:

What’s changed:

1. Access to showings

In many places, the process of showing a home has changed. Some states have put limits on the number of people allowed to gather in one place, which has impacted open houses. Additionally, sellers, buyers, and agents are taking more precautions to keep themselves safe, with more cleaning, access to protective gear, and enforced distancing measures becoming the norm. Digital-only showings are also growing in popularity, although they’re still relatively new. Despite all this, if there’s a home you’re interested in seeing, it’s still possible to make it happen.

2. The closing process

Much of the work that needs to be done between going under contract to sell or buy a house and the closing can be done remotely and electronically. But there are many things that need to be done by many people throughout the process. From the mortgage, to the title work, to inspections and appraisals, getting to the closing table depends upon a lot of people doing their job. Social distancing and working entirely remotely has a certain learning curve while everyone involved figures out how to get their end of things done. So, the process may take at least a little longer, and change as everyone figures out the best way to handle things. The upshot to this is that it could create better, more efficient ways of doing things moving forward.

3. Some mortgage products

Perhaps the most impactful changes in the real estate industry are happening in the mortgage market. The conditions on certain products are being tightened, and some lenders are temporarily exiting the market altogether. Jumbo loans (a type of financing where the loan amount is higher than the conforming loan limits set by the Federal Housing Finance Agency) seem to be feeling the most impact, while conventional loans, which are considered less risky, have been less affected. If you have questions about getting pre-approved, you should contact a mortgage professional who can help you better understand your options.

What hasn’t changed:

1. People’s dreams

Even when the whole world comes to a stop, our hearts and minds do not. We all have dreams, whether it’s owning a fabulous condo in the city, a sprawling victorian with a rolling lawn, or a starter home that we can finally call our own. A pandemic doesn’t change that, even though it can help put things in perspective and remind us of what matters most. But don’t let the strange times we’re in stop you from daydreaming and working toward those dreams. A pandemic is temporary; our hopes are not.

2. Housing demand

There’s been a well-documented housing shortage for years, and there’s no indication that the fundamentals have yet changed. That said, every real estate market is unique, and what holds true on a macro-level may not hold true in your local area. Regardless of the specific market and overall demand in your area, people always need homes, despite a pandemic. So, if you want to sell, there’s likely a buyer for your home. And if you want to buy, there’s likely a seller who’d love to sell.

3. Our desire to help

Most agents eat, breathe, and sleep real estate, and aside from looking out for our loved ones and wishing for a healthy and safe resolution to this mess, that hasn’t changed. We want to help you with your real estate needs because we’re passionate about what we do, and it’s likely that our newfound home-time has coincided with a lot more real estate research than it has with cleaning or learning how to play the guitar.

Realtor-Tom Gilliam is your expert to buy or sell your home in Oakland County, Michigan, the Oakland County community’s number one Realtor. In Oakland County, Michigan, you need to find a Realtor who knows the community.

Tom Gilliam currently lives in the Oakland County Area and is very familiar with the market, neighborhoods, schools and community issues. His office is located into the heart of Farmington Hills, with five additional offices throughout the south east metropolitan area to serve his clients real estate needs

changes in housing since pandemic

3 Things That Have Changed in Real Estate Since the Pandemic (and 3 Things That Haven’t)

Selling Your Farmington Hills Home During COVID-19 Crisis

Selling Your Farmington Hills Home During COVID-19 Crisis

Selling Your Farmington Hills Home During COVID-19 Crisis

Now more than ever, it’s important for home sellers to be flexible with shifting market dynamics. While some sellers are deciding to pull their homes off the market during the COVID-19 crisis and try to sell at a later date, that may not be an option for everyone.

If you are planning to move forward with selling your Farmington Hills home, there are some things you can do differently during this current market while keeping everyone involved as safe and healthy as possible.

Prepping Your Home to Sell

Rather than spend your time going stir crazy from isolation and social distancing, use this downtime as an ‘opportunity’ to prep your home to look its best. Organize, clean, declutter, and prepare the inside of your home for the showings that will come.

Also, finish any DIY jobs such as replacing broken tiles or fixing or replacing that leaking tap.

When it comes to the outside of your home, spend some time creating the ultimate curb appeal that will blow the competition out of the ballpark. 

Paint the trim, clean the gutters, powerwash the driveway and walkways, trim the hedges, plant some flowers, and whatever else that you can do to make your home look its best.

Create A Video Tour of Your Home

Getting your home in front of as many buyers as possible and finding new and creative ways during this time to accomplish that is key to getting your property sold.

Unfortunately, even though open houses are typically an effective tool to show your home to many prospective buyers at once, they are just not advisable at this time, given the current restrictions around large gatherings.

There’s no easy way to regulate how many people come into your home at once during one of these events. Instead of open houses and physical tours, ask your listing agent to create a video tour of your home as part of their marketing plan.

Many websites allow agents to upload videos to listings in addition to photos. The number of 3D home tours created on Zillow went up 362% as of March 20th. 

A detailed and compelling virtual tour using either smartphone videos or 3D cameras to create high-definition, 360-degree walk-throughs can help prospective buyers get a feel for the layout of your home and an idea of whether or not it’s the right fit for them.

This will also help limit the amount of traffic going through your home to only those buyers who are seriously interested in your property.  

Adjusting To The New Norm – Remotely

Although home selling during the COVID-19 crisis has slowed down a bit, it hasn’t come to a screeching halt. Professionals in the real estate industry are adjusting the way in which homes are being sold.

A listing appointment, market analysis, or preparing the home can all be done safely with sellers, while buyers consultations, preapprovals, and online home searches can also be done remotely. 

Once you get an offer on your Farmington Hills real estate property, there are many different e-signing programs that you can use to sign contracts without having to go into an office and meet with your agent.

Title companies and loan officers with banking institutions are also instituting safe methods for selling houses without having all parties huddled in an office conference room at closing. 

Buyers and sellers who are looking to start the process can still do what is required without putting themselves and others at risk.  

Partner with Top-Rated Farmington Hills REALTOR® – Tom Gilliam

Whether you are interested in Farmington Hills homes for sale or you are ready to list your current property, Tom Gilliam provides the kind of knowledge, skills, dedication, and personalized service you need and deserve. Tom will take the time to listen to your needs and concerns, keep you informed every step of the way, and will go above and beyond to ensure a smooth and successful transaction.

 2020 Best of Farmington Hills REALTOR - Tom Gilliam

To find out more about buying or selling Farmington Hills real estate, please contact Tom today at 248-790-5594 or you can get in touch here.

Tom Gilliam, REALTOR®
RE/MAX Classic
29630 Orchard Lake Rd.
Farmington Hills 48334
Call: 248-790-5594
Office: 248-737-6800
Email: [email protected]
License #301741

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