2020 was a banner year for real estate, and 2021 is off to a strong start. If you’ve been considering buying a home – or selling your current home – it’s a great time to enter the market! And while the process looks a little different these days, real estate transactions are still being conducted at a fast and furious pace. Let’s take a look at how the buying and selling process works during coronavirus.
Finding an agent
In the past, you likely sought agent recommendations from family and friends and then set up in-person interviews to make a match. While word-of-mouth recommendations are still a solid starting point, agent interviews are now virtual. Instead of meeting in-person to interview prospective agents, you’ll conduct phone calls and video conferences when hiring a realtor. Wondering why finding a top agent is essential? Top-tier agents have a reliable network of industry insiders, so if you’re looking for an outstanding loan originator or a highly reputable home inspector, your agent can provide valuable recommendations.
Why inspect before listing
There are several reasons why you may want to hire a home inspector before you list your home. The most obvious is for home sellers to discover any issues they may have overlooked in and around their home. If there’s a significant problem, it’s better to tackle it head-on rather than waiting for a buyer’s inspection to uncover it and stall the selling process.
Having a home inspection completed before listing provides potential buyers with even more information upfront in pandemic times. When the majority of the process is being done virtually, providing a home inspection for potential buyers can significantly aid and expedite a sale. It can also help narrow down the buyer pool, resulting in fewer people entering and touring your home.
Finally, and perhaps most importantly, having an inspection done before listing your home will strengthen your negotiating power. I will also likely eliminate the loss of a buyer due to the number one clause that kills a deal: the inspection clause.
What inspections involve
The purpose of a home inspection is to have a knowledgeable, licensed professional review all significant aspects of a home. What do they look for? The American Society of Home Inspectors (ASHI) states that inspectors survey the condition of a “home’s heating system; central air conditioning system (temperature permitting); interior plumbing system; electrical system; the roof, attic, and visible insulation; walls, ceilings, floors, windows, and doors; and the foundation, basement, and structural components.” To conduct a thorough inspection, home inspectors need full access to your home. So, how does this work during coronavirus?
Inspections during a pandemic
Whether you choose to hire a home inspector before listing your home or wait for a potential buyer to initiate an inspection, the process will be similar in terms of what inspectors look for in your home. However, home inspections during coronavirus are a process involving limited to no person-to-person contact.
Safety is of the utmost importance to everyone involved in the home buying and selling process, which is why ASHI developed a safe inspection guide for home inspections. Of note, the safe inspection guidelines state that there should be no one else present inside the home while the inspector is conducting their review. In the past, the homeowners could be home for the inspection, and the agent and prospective buyer would also be on-site to review the results.
Buyers are likely already familiar with virtual home tours, so it will come as no surprise that the preferred inspection review takes place with a video call or conference. While you can wait outside, consider going utterly contact-less by video conferencing to discuss the results and take a brief tour of specific areas of note. Anything you can do to limit person-to-person exposure helps move the process along while keeping everyone safe.
Maddi Arcurio Guest Columnist