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Real estate transactions continue in the era of COVID-19

Spring used to be considered a time of great opportunity in the real estate sector with both buyers and sellers engaged in frantic market activity.

Not this spring.

With the COVID-19 pandemic sweeping throughout the globe, economies have either slowed down or come to a full stop. Some sectors are more affected by the paralyzing effects on the economy caused by this coronavirus disease than others.

Thankfully, the real estate market still has its head above water as most agents have quickly adjusted how transactions should be conducted in this period of social distancing and staying at home. Their tool of choice is the Internet as most transactions needing face-to-face interaction have gone digital. Plus, extra safety nets are now in place to keep the process going.

Here are some splendid coping techniques that real estate agents are adapting to:

Open houses are out; virtual tours are in

There is a whole host of homes for sale in Carmel, CA that deserve attention in the market, primarily for their proximity to the Pacific Ocean (hence, the complete name, Carmel-by-the-Sea) and the spectacular beachfront views that come with it. But with state orders to stay at home, potential homebuyers have limited opportunities to personally see these fine perks that make Carmel, CA real estate legend.

However, by hosting a self-shot virtual tour, the real estate agent can allow a potential buyer into a home – albeit, virtually – and show every nook and cranny the buyer is willing to see. Q&A regarding the house and its amenities can be done simultaneously, and finer details of a home can be shown.

Of home inspections and hazmat suits

The home inspection is a crucial part of the real estate transaction and cannot be discontinued, pandemic or not. Thus, don’t be surprised to have home inspectors coming over wearing a complete hazmat suit as an extra precaution vs. any contamination. Prior to the home inspection itself, the inspector would also be calling the resident of the home for inspection about health and travel concerns. Once results of the inspection are out, these are provided online.

e-Funding and closing of deals done safely

Whatever finance-related procedures there are in a real estate transaction may now be conducted solely online. Before, it used to be only the home financing institutions that had the capacity to conduct operations in the virtual universe from pre-approvals to actual mortgage approvals. Now, even the consummation of real estate deals has turned virtual with the approval of the use of digital signatures in legal documents. There are also available mobile notary services that can be used in the final execution of the real estate transaction.

As for the turnover of keys, some real estate firms are now acquiring lockboxes that only the new owner can access to get to the keys. It’s devoid of any human contact and still goes in line with social distancing.

The Peninsula Group Real Estate continues to serve you as you consider the lovely luxury homes for sale in Carmel, CA. Give us a call at 831.595.5045 or drop an email at info(at)ThePeninsulaGroup(dotted)com so we can study your options.