Homebuyers Are Still Buying And Adapting to Virtual Transaction Environments

While stay-at-home restrictions and social distancing guidelines have made buying and selling a home more challenging for many, it’s not stopping serious real estate consumers.

According to a recent survey by the National Association of REALTORS®, those determined to buy a home right now are being proactive. While respondents reported that 60 percent of clients are delaying home-buying activities, serious buyers have stepped things up a notch: Prior to the coronavirus crisis, the average number of homes toured before making a purchase was nine; in the current environment, homebuyers are only seeing three homes before making a decision.

Buyers are also adapting to a virtual transaction environment, connecting with REALTORS® via live video, social media, e-closing technology, e-signatures, virtual tours, messaging apps, and WebEx/Zoom. In fact, according to 25 percent of respondents with clients in purchasing contracts, at least one of their homebuyers moved forward on the purchase decision without ever physically seeing the property.

If you're struggling with how to move forward on your real-estate buying decision, consider the following:

• Most brokerages and agents have had the technology in place to handle virtual transactions for some time. They’ve now quickly and seamlessly implemented it to keep business flowing as best possible during the pandemic.

• Interest rates are hitting new lows, something that might be worth taking advantage of.

• As investments go right now, real estate may be your best bet. A home is one of the safest long-term investments, now more than ever.

• More people putting their home-buying plans on hold means less competition and fewer bidding wars for highly desirable properties.

• You’ll also be dealing with serious sellers who are highly vested in selling their homes right now. This could mean more room for negotiation on price.

Be sure to talk to professional real estate agents like us for sound advice on the best course of action for your particular circumstance.

Stall well!