The COVID-19 virus pandemic has changed a lot about the way we live. Many people are wondering how the real estate industry is handling the problems that we’re all facing. The good news is that while the real estate industry has slowed, the industry has taken steps to make it possible for real estate transactions to continue. Here are answers to many of the questions you may have about real estate in today’s environment.
Is real estate considered an essential business in Florida?
Yes, real estate is considered essential and we have been granted the right to keep working.
Can you accept listings?
Yes, our team is accepting listings. The number of listings isn’t as high as usual, but people are still listing their Davie homes for sale.
Are home prices lower now?
Not according to the Florida Realtors® organization. According to their March 2020 market statistics, the median sale price was $275,000, which is a 7.4% increase over March 2019, and a 1.85% increase over February 2020.
Other market statistics are still moving in the right direction. For example, there were 26,611 closed sales in March, which is just over a 28% increase from February. The median percent of the original list price received was 97.1%, up from 96.8% in February. That means that the final sale price is very close to the original listing price. And, the median time to contract was 38 days in March vs. 49 days in February, meaning that the time was less between the listing date and the contract date for all closed sales.
Are lenders available?
Yes, if you need a mortgage, lenders are still working and ready to answer any questions you have. If you aren’t working with a lender now, feel free to contact us for a recommendation to lenders that we know are trustworthy. Even if you’re not ready to make a move right now, getting pre-approved for a loan is always the best plan before you start looking at homes.
Can I tour homes for sale?
You can’t take a physical tour of homes for sale, but we’re using technology to let you see homes and stay safe from the virus.
If you’re interested in a home for sale, one of our team members can go into that home and give you a virtual tour using FaceTime or Skype. You can ask questions and get a very personalized tour of the areas of the home that are most important to you.
We’re also offering a 3-D home tour for many of our listings. You can see an example of a 3D tour for one of our listings. You’ll see the home exactly as if you were walking around it yourself – right down to the Cheerios box in the kitchen! If you’re wondering how long the counter is in the bathroom, the 3-D tour is even more convenient than being there in person. A ruler is available and you can use it to take measurements of anything in the home.
What if I want to see the home in person before closing?
Let’s say that you found a home you wanted to buy. Placing an offer and negotiations work the same way they always have. You’ll have an inspection contingency in the offer that is also a fairly standard practice.
You’ll be able to see the home during the inspection. Normally, your agent and the listing agent would be present at the inspection. Today, only two parties are able to attend the inspection, you and the inspector. During the inspection, you’ll be able to follow the inspector as they evaluate the home’s systems and talk to the inspector to answer any questions you have.
As usual, if the inspection identifies any defects, we’ll have the opportunity to negotiate with the seller to fix them. If we can’t come to an agreement with the seller, the inspection contingency means that you can cancel the offer and your deposit, also known as earnest money, will be returned to you.
Why would I want to buy or sell now?
If you’re thinking of selling, the competition would be less at this time since there are fewer sellers putting their homes on the market. That could make your home more attractive to buyers who need or want to move.
If you’re buying, you can take advantage of the low interest rates and the fact that there are homes that aren’t moving as well as they have in the recent past. Sometimes there is more room for negotiation with a seller who really needs to move.
Whatever your real estate needs during this unsettled time, keep in mind that we’re here to help. Whenever you want to hire Realtors in Broward County, please consider the Teri Arbogast Real Estate Team. Take a look at our Google reviews, and you’ll see that our clients have lots of good things to say. We’re very proud of our five-star ratings on Google, Zillow, and other real estate review websites. We’d love to make you our next successful client! Call us at 954-242-8030 or send an email today.