Coronavirus Q&A below. Over the course of the past three weeks, Northeastern Pennsylvania (NEPA) has undergone changes in lifestyle, business and just about everything else you can possibly imagine, including real estate. Governor Tom Wolf’s orders, as they pertain to our industry, remain non-life-sustaining. Yet, in a recent move by the Pennsylvania Association of REALTORS® (PAR), the association entered a brief in support of a lawsuit, which has been filed against Pennsylvania’s governor. The purpose of the suit? To designate real estate as a life-sustaining business.
PAR recognizes the importance of “[minimizing] in-person services wherever possible and [following] appropriate CDC guidelines” to keep the public safe and flatten the spread of COVID-19, but when deemed necessary, the association believes sellers and homebuyers should have the ability to attain shelter – one of life’s three essentials.
Coronavirus Q&A: How to approach selling your home or buying one during the coronavirus pandemic.
Nevertheless, it’s a confusing time for buyers and sellers and you can add real estate professionals to the list also! Some consumers are left wondering if obtaining a roof over their head is even an option right now. The world is changing, which is fairly evident. Real estate and how the industry will operate henceforth will be altered too. We look to keep you informed as this fluid situation constantly changes. In the meantime, we’ve addressed some of the common questions we’ve received from our clients/customers.
Can I sell my home in this current climate?
If you’re thinking about selling your home immediately, understand that the present terrain in real estate has numerous roadblocks, which you’ll encounter in some way, shape or form. Can a home be sold momentarily? Yes, it’s possible, but realize tremendous assistance from the seller would probably be required in conjunction with the agent, while attempting to procure a buyer. This is a discussion you need to have with your REALTOR®.
Are there things I can be doing now to prepare to sell my home?
There are absolutely things which can be done now to prep your home to sell in the months to come. “Clearing out the clutter” should definitely be on the top of your list. Other strategies like painting, reorganizing, attacking problem areas of the home and landscaping should strongly be considered as well. Check out this page on our site, which will give you a few more ideas to consider. As a homeowner, you should contact your REALTOR® to come up with a plan for proceeding, as many sellers find themselves on the sidelines during this outbreak.
Should I look for a home now or wait?
There are multiple phases to the home search process. Prospective buyers typically start their search online months before they even physically enter a home (which is practically impossible since the outbreak of COVID-19). For the consumer who doesn’t have to move – wait. In the state of Pennsylvania, there are no in-person showings until further notice. Only services that a REALTOR® could offer remotely are permitted at this time. Of course, you can look at homes virtually through our extensive online catalog of properties available for sale in NEPA.
As a buyer if I decide to wait, what steps would you suggest I take so that I’m prepared for a time when in-person showings resume?
First and foremost, we would recommend setting up a “virtual” homebuyer consultation. If you have an agent, get in touch with them and discuss your needs. If you don’t have one yet, start your search there. Choosing a real estate professional is more important than one might think. Select the perfect agent for you! Secondly, reach out to mortgage lenders. Have a firm grasp on what you can and can’t afford, find ways to improve your credit score, if necessary, and look at the lending options available to you. Lastly, begin examining the market and what’s available in your price range. Create a list of pros and cons. Having a better understanding of these three dimensions can only propel you toward making better decisions when the time is right.
As homebuyers and sellers, can we engage in executing an agreement of sale during this unprecedented time?
Yes, but there’s so much that goes into making these types of decisions: Can I place an offer on a property I haven’t stepped foot in? Are there certain reasons I might want to press pause for the time being whether I’m buying or selling? We strongly suggest you discuss your concerns with your REALTOR® as well as your real estate attorney.
We hope this Coronavirus Q&A was helpful. Should you need further assistance, please reach out to our network of real estate professionals.