Buying and Selling Real Estate - “The New Normal”

Expert Contribution by Marianne Slamm

As stay-at-home orders in the NY Tri-State area are lifted, local data points to a pent-up demand of buyers, particularly urban buyers, getting ready to jump back in the market.

Historically low mortgage rates signal a purchasing power opportunity for buyers. Unemployment claims and a careful eye on the stock market and world economy and the success surrounding the opening of the local economies will dominate both the buyer and seller mindsets.

We continue to see a rise in home searches, homes going under contract and new listings coming to the market. Economists in NJ are predicting a best-case scenario showing the real estate market recovery this summer and a continued rebound this year into next.

So far, prices have been holding fairly steady, as buyers and sellers reemerge. Some buyers are trying to take advantage of the situation by renegotiating lower prices, but most sellers are not yielding, at least at this stage.

What has changed?

• Technology, like ZOOM, FaceTime, Matterport, and Docusign, expand to every aspect of the transaction from the initial Buyer and Seller Consultations to listing and contract paperwork, mortgage processing and closing.

• Searching for homes on the internet from the comfort of your current digs is hardly something new. Bridging the gap for buyers and sellers between the on-line information, navigating this ever-changing market and ensuring a safe and effective inperson experience, for all, is the main focus of agents.

• Stellar photography, virtual tours, videos and on-line marketing need to hit the mark more than ever, and safety protocols for the in-home visits of photographers, stagers and others have been implemented.

• COVID-19 safety precautions are obviously a key concern. Vacant homes put buyers more at ease and generate slightly more activity than occupied homes. Virtual tours, done via FaceTime, or a similar tech solution, hosted by the agent for occupied homes help keep them in the mix.

• “Hold-harmless” forms for buyers and sellers to complete prior to in-person visits to absolve all parties from liability, should anybody contract the virus as a result of a showing are continuing to evolve.

• Strict pre-qualification guidelines exist prior to any in-home showings, done on a 1-1 basis, of vacant or occupied homes, with agents committed to wiping down any surfaces which are touched to ensure cleanliness for all involved.

So, if you're thinking of selling or buying a home this summer or fall, don’t be deterred, now may be a great opportunity. A trusted real estate professional can help you list and buy safely and effectively and evaluate your specific situation.

With so few homes on the market for buyers to purchase, this season may be the time for your house to stand out from the crowd. Buyers are looking, and your house may be at the top of their list.