There was a time before the pandemic spread its wings when homebuyers chose Sunday afternoons as the ideal day to visit open-houses. These habits changed the moment social distancing, lockdowns, and all other life changing events happened.
Now that vaccines have begun rolling out, it seems possible that these Sundays may begin again. But will there be changes in the ways of shopping for a new home? Here are some insights.
Benjamin Gordon Cambridge Capital: The real estate scenario post pandemic
Virtual home tours
During the pandemic, it became impossible for homebuyers to make personal visits. This led to the same technology-led solutions that invaded every portion of society. Real estate agents began streaming live videos to interested parties, helping them explore homes from their own homes. Potential buyers were able to get a full view of the home through 3D technology. At the same time, virtual tours emerged as another solution.
Pre-pandemic, virtual options were mainly a safety measure. However, this practice gained traction, and became a convenient tool for buyers. According to Benjamin Gordon Cambridge Capital, this trend is likely to remain in place, and become more refined with time. Realtors are optimistic about this, and many other technological upgrades. They say that 3D tours provide buyers with realistic experiences, all while allowing them to narrow down their searches quickly.
Pre-pandemic, potential home-buyers were reluctant to make offers on homes they could not see live. COVID-19 changed that, likely for good says Benjamin Gordon Cambridge Capital. Today, an ever increasing percentage of home buyer are ready and willing to purchase homes they have not seen. The reasons behind this transformation have been aided by the growing work-from-home culture, and the inconvenience of checking one property before purchasing it. There is also the timing, as the hot real estate market creates scenarios that result in one day listings.
A built in protection for todays sight unseen buyer is the property inspector. They provide the buyer with that necessary measure of comfort, making sales move smoothly to completion.
Still, broken deals will never fade. Even with proper appraisals, buyers, sellers, and bankers, all must sign off to complete a transaction.
The pandemic has been the societal disruptor of all our lifetimes. It has made the abnormal normal, in every sector. Technological advancements and innovation have made this all possible. That the vibrant housing market has existed for the past year is a testament to this fact,