To say that these are uncertain times is an understatement and you may be hesitant when considering entering the real estate market. We are living through a unique event in human history and it’s understandable if you’re apprehensive about what lies ahead during this period, should you need to buy or sell real estate. If you’re feeling a bit lost about how to proceed, you’ll find the following 6 things you should know about buying and selling in Phoenix during coronavirus very helpful in the process.
Timing
One thing you should know about buying and selling in Phoenix during coronavirus and the uncertainty in the economic outlook, those with the option to delay a move, are doing so for at least a few months. you’ll want to be aware that this means that while not necessarily true, there is a perception that the seller must be under economic or legal pressures, and being forced to sell, which has the potential of driving negotiations towards an overall lower final purchase price. Conversely, you should also know some buyers or sellers need to make their move quickly in Phoenix during coronavirus. This could be due to changes in employment, be it either a move down or up, or due to personal issues such as caring for a family member in another location or any number of other reasons.
Financing
Home sales made a noticeable jump in July, as buyers are spending more time at home due to COVID-19, they are searching for more comfortable surroundings. Due to changes in the economy brought on by these highly unusual circumstances, credit has been widely affected negatively across all economic classes of the market. This means that less of the population will meet the standards that are required by most traditional lenders. For this reason, it’s important that you know about alternative financing options when you are either buying or selling in Phoenix during coronavirus. Being open to creative financing on the part of both parties will widen the potential playing field for finding the right seller or buyer.
Safety
Another thing you should be aware of buying and selling in Phoenix during coronavirus is how to keep safe during the process. It’s frightening to think that someone walking through your home could endanger your family. Make sure that your real estate agent has taken steps to prevent someone showing signs of illness or with a fever from wandering through your living space. You can ask that all present wear protective gear. You’ll also need to ensure that you can rely on them to wipe down or spray any surface they or their client may have inadvertently touched.
Empty Is Golden
You should know there is value in the fact that a home has been sitting empty for those who are either buying or selling in Phoenix during coronavirus. Having a quarantine period of at least two weeks alleviates concerns about disinfecting every nook and cranny of a home after a showing for the seller or before moving in if you’re the buyer.
Technology
Given the technology of today, you’ll also want to be aware of everything possible about the virtual pool of potential buyers or sellers, when buying and selling in Phoenix. For the tech-savvy who want to go it on their own, while it may look easy, you’ll want to be certain that you keep within all of the local, state, and federal laws that govern real estate transactions. As always, you’ll need to investigate just who you’re accepting an offer from. Likewise, you’ll need to go into the process with your eyes wide open to the possibility of online scams. Before finalizing anything by signing on the bottom line, you’ll want to meet face to face with the players in your deal and have done very careful research of county records to ensure you’re actually dealing with the owner of the property in question.
Let Oak Street Properties help you quickly and safely through the process without all of the headaches and concerns. whether you’re buying or selling in Phoenix during coronavirus. We are here to answer all of your questions and help you every step of the way! Send us a message or call Oak Street Properties at (480) 637-5500 today!