What to Expect When Buying or Selling a Home During COVID-19

As stay-at-home orders tighten up in Los Angeles, I wanted to let you know what's happening in the real estate industry. 

As it stands right now, real estate is still deemed to be an essential service, and it's still possible to buy and sell a home safely when following the protocols we've had in place for the past few months. 

For starters, there are still no open houses. 

Any in-person showings are by appointment only, so while you may see OPEN HOUSE signs on street corners this weekend, you must make an appointment ahead of time to physically visit a property. 

All in-person activity requires a PEAD (Coronavirus Property Entry Advisory and Declaration) Form submitted to the listing agent before entering the property. This includes prospective buyers, agents, contractors, inspectors, appraisers, stagers, and anyone else.

In short, the PEAD is a legal acknowledgement that you are not currently experiencing COVID symptoms, and have not been exposed to anyone infected with COVID in the past 14 days. 

PPE and social distancing is required for all in-person activity. Anyone touring a home must avoid touching any surfaces, such as light switches, cabinet, and door handles. Hand sanitizer is to be made available, and agents should be disinfecting high-touch points before and after visitors.

Since in-person meetings are discouraged, most client-to-agent communication now happens virtually — including listing presentations, buyer consultations, presenting offers, and more. Real estate offices have not officially re-opened, so if you must meet with your agent in person, keep the meeting brief, follow social distancing guidelines, and if possible, meet outdoors.

If you're thinking of selling your home, be aware that when coming to preview your property, agents won't leave any printed materials behind (like a Market Analysis). They'll just briefly preview the home, and the rest of the listing presentation will be held virtually. 
 

The Bottom Line

COVID has turned many industries on their heads, and real estate is no exception. Thankfully, we've been able to pivot and adapt, and many clients have even benefited from this new normal.

For example, sellers now only have serious, high-intent buyers touring their homes. Because of this, open-houses as we knew them might not be making a comeback. 

And while home prices are rising due to increased demand and low supply, low interest rates have actually made it possible for some buyers to have lower monthly payments than when rates were higher and homes were cheaper. 

If you're thinking of buying or selling a home and would like more information about the current market, it would be my pleasure to help. You can contact me here.