Buying or Selling a Home During COVID-19
Buying or Selling a Home During COVID-19
The coronavirus pandemic has many people wondering whether they should delay their home purchase or if they’re selling, pull their listing from the market. COVID-19 has required many industries to make adjustments, and real estate is no exception. Whether you’re in a situation where you need to buy or sell a home, or you simply want to take advantage of historically low mortgage rates, it’s essential to understand how the real estate landscape has changed.
Despite the negative impact COVID-19 has had on the economy, the California Association of Realtors®1
hasn’t revised its current 2020 housing market forecast. The demand for housing in the state remains steady. This is good news for both buyers and sellers. Sellers are likely to get their asking price, or above asking price, for their homes. Buyers can take advantage of historically low mortgage loan interest rates to help make purchasing their dream homes more affordable.
While you can still book an in-person showing, expect to have a loan pre-approval in hand. Many realtors have advised sellers to limit showings to serious buyers who’ve already taken the virtual tour and have read the seller’s property disclosure statement.
Home appraisals and inspections can still be completed while following California’s social distancing requirements.
While about half of the states have authorized remote online notarizations that don’t require the notary and signer to be in the same physical location, California is not one of them. For the moment, a remote closing is not an option for home sales in California. However, mobile notary services1
are still available. This allows parties to notarize documents during California’s stay-at-home order.
Tips for Homebuyers
If you decide to continue your home search, be prepared to:
Tips for Sellers
- Participate in 3-D virtual showings
- Schedule in-person showings in advance
- Wear a face covering, wash your hands with hand sanitizer and/or put on disposable gloves, and booties over your shoes before entering the home
- Adhere to viewing limitations, as some areas of the home may be marked off for safety
If you decide to continue to keep your listing active, be prepared to:
- Limit viewing to a maximum of 10 people at a time and ensure visitors who are not in the same household maintain proper physical distance (or the current CDC guidelines)
- Offer hand sanitizer or protective gear, including disposable face coverings, gloves or booties to potential guests before they enter the home
- Try to limit the need for guests to touch items in the home, so turn on lights, keep doors open
- Post signs and provide soap to encourage hand washing upon entry and exit
- Wipe down high contact areas with disinfectant wipes after each showing
Buying or selling a home during COVID-19 requires patience and flexibility. A local real estate agent can provide additional guidance based on your specific situation.
Buying or Selling? Benefits of the HomeAdvantage Program
If you’re ready to get started on your homebuying journey, our HomeAdvantage program pairs you with an experienced Schools Financial, a division of SchoolsFirst FCU, loan consultant and participating real estate agent who will guide you every step of the way; and you’ll enjoy valuable savings and benefits offered exclusively to program participants.
Members enrolled in Home Advantage receive a 20% rebate
from the commission of the participating agent who represents them in their home purchase or sale.2
1. When you click on external links, you are linking to alternate websites not operated by Schools Financial, and Schools Financial is not responsible for the content of the alternate websites. The fact that there is a link from Schools Financial’s website to an alternate website does not constitute endorsement of any product, service, or organization. Schools Financial does not represent either you or the website operator if you enter into a transaction. Privacy and security policies may differ from those practiced by Schools Financial and you should review the alternate website’s policies. 2. The HomeAdvantage program is made available to you through a relationship between Schools Financial and CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using Schools Financial for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. Schools Financial may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please contact the Credit Union to get details that may affect you.