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Fournier Law Blog

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Buyers, Sellers and Realtors Responding to COVID-19

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The real estate market, like most areas of business world-wide, are adjusting to social distancing recommendations while trying to anticipate how the global pandemic will affect the economics of their business.

Economically, the mortgage rates are still low which, normally, would result in more buyers looking to secure a low rate and purchase a home.  However, the economic uncertainty might keep some buyers from moving forward with a large purchase such as a home, and may keep sellers from listing their home if not necessary.

An article published by OCRegister.com indicates that some areas of the country are already seeing how the concerns about the economy are impacting both sellers’ and buyers’ decisions.  “I am hearing (of) buyers and sellers cancel (deals) due to fear of job security and, really, just the unknown,” said Dilbeck Real Estate agent Lisa Kaul from the Santa Clarita area. “One seller canceled their new purchase even though their home was already sold.”

Of course, there are plenty of homes on the real estate market and many buyers who are still planning on purchasing a new home.  However, the social distancing recommendations has impacted the way buyers are viewing homes for sale.  Many owners are asking that their realtor not hold open houses.  Guidelines for screening potential buyers for diseases, requiring those visiting homes to sanitize their hands are top discussions among sellers and their realtors.  In this age of technology, however, virtual tours are becoming more and more common and are an ideal alterntative.

Read the entire article.

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