With social distancing and other protective measures in place to prevent the spread of COVID-19, people and businesses have had to creatively adjust to a new normal. Deemed an essential service across Canada, the real estate industry has continued to operate. However, buyers and sellers are transacting very differently, to ensure the safety of everyone involved. Wondering how to navigate the real estate market during this public health crisis? Below we share how your real estate journey will look as a buyer or seller in the COVID-19 pandemic landscape.
Is Your Real Estate Sale or Purchase Essential?
With so much uncertainty and with government ordered protection measures in place, many homebuyers have decided to Pause, Watch & Wait. Existing homeowners who are worried about paying their current mortgage can explore mortgage deferral options.
There are, however, circumstances in which waiting to buy is not an option. Are you in one of the situations below?
- Did you already sell your home and are in need of a place to live?
- Do you need to sell your home in order to finance the new purchase that you have already agreed to?
- Are you living within unsafe or unstable conditions and are in urgent need of a new space?
- Have you suffered financial losses and need to sell your home to maintain your lifestyle or business?
Should you fall into one of these categories, be prepared to rely heavily upon tech tools. To help guide you safely though this new territory, first ensure that you have trusted, experienced real estate professionals, Barry Nestransky and Jack Aiken, by your side.
Showcasing a House Through Technology
Government agencies and real estate boards have banned traditional open houses. However, we are using creative methods of showcasing our client’s homes, virtually. While we have already been using tools such as 360-degree video tours, we are now also hosting live video tours. Potential buyers can watch in real-time, and ask questions. If selling your home, we will discuss how to show off your home’s best angles. We will also provide you with suggestions and advice to help you get your home ready for selling. To ensure the safety of your family, as well as anyone accessing your household during the process, it may be recommended that you leave your home during the selling period.
In the pre-crisis world, we would have relied upon the home-showcasing expertise of many different individuals. However, cleaners, stagers, and photographers may not be available at this time. Now we’re hoping that a little creativity, and the help of some innovative tech tools can bridge this gap temporarily.
House Shopping, From the Comfort of Home
As a buyer, virtual real estate means that you’ll be able to shop for your new home without leaving the couch. Use the tools available through online listings to virtually walk through and explore potential homes. Ask us to provide you with any details that may not be found on the listing.
When viewing homes online, try to visualize how your own furniture will fit within the space. Take note of any potential renovations you’ll have to undergo to make the space fit your requirements. Ensure you have the opportunity to also see the outdoor space surrounding the property, including the proximity to neighbouring units.
Despite your attempts to visualize yourself within the new space, you may still request to see the property in person before committing to purchase. We will likely have a list of requirements that we will share before you take your tour. This may include arriving in separate vehicles, agreeing to not touch anything within the property, wearing gloves and a mask, and leaving family members at home.
Closing a Home, Virtually
Virtual tools are even helping to streamline the paperwork required to close on a home. Buyers and sellers may work through documentation completely online. We are using virtual platforms such as Zoom, DocuSign, or FaceTime to review paperwork or offers online with clients.
We are also making use of apps to allow clients to E-sign documents directly through our phone or tablet, with an encrypted e-signature.
With the potential to automize the home buying and selling process, we are completing transactions that are 100% digital, proving that socially distanced real estate is achievable.
Whether buying or selling a home, trust us to help you navigate this new, virtual process as safely and effectively as possible. We will do everything within our power to ensure that your needs are met through a process that is as personal, comfortable, and safe as possible.