by Sarah Ashton, Broker Associate, Re/Max of the Islands
Everything we do these days is different than it was a month ago. Whether it be grocery shopping on line, doctor appointments over the phone or having your monthly book group via video conference, much of what we do for work and fun has changed.
The same can be said about real estate. Real Estate has been deemed “essential” so has not shut down. That does not mean it hasn’t slowed considerably nor does it mean that many things haven’t changed. Fortunately, the Real Estate industry has moved more and more into being a highly tech savvy field with much of the information and many of the transactional activities being able to be done electronically and without having to have physical proximity.
Properties have increasingly been viewed by potential buyers on-line well in advance of coming to tour them. It isn’t unusual for a buyer to let their Realtor know which properties they want to see based upon their own on-line search and review of data and photos presented. In the last month or so, Realtors who have had buyers have been able to arrange “showings” of properties using video technology and 3-D virtual tours. It still may not negate the need for ultimately walking through a property however it has narrowed down the field of properties and kept folks at home. In being able to see properties in this way it keeps everyone safe. Showings have also been able to be arranged with vacant properties. With many sellers having gone north already, there are properties on the islands that are very easy to show and to safely show.
Once the property is under contract, utilizing e-signing software and email, the additional necessary services are also still available. Mortgage lenders have been very busy both with new loans and re-financing. Title companies, inspectors, lawyers and contractors are all still available to bring the deal to the finish line. With safe practices of physical distancing, disinfecting surfaces and washing hands, these jobs can still be done.
Is it an ideal way to purchase properties – perhaps not but in this era of Coronavirus there are options that will allow Real Estate transactions to go on.
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