The Oahu real estate market is definitely not dead due to Covid-19. Yes, there are big ripple effects of the stay at home order, and business is not the same, but business is far from dead. Many buyers are still searching and are still making offers. In the week between March 23-29, over 70 transactions went into escrow on Oahu. That said, the picture isn’t all rosy. There have also been cancellations. This is to be expected with such an unprecedented event as Covid-19. However, Sellers are still selling, and Buyers are still purchasing. So how is it done when so many people are now working from home?
Home Buying During Covid-19 Stay-At-Home Order
The rules, in a couple of weeks since the lockdown, have all been changed. The popular Open Houses are GONE. Touring homes, even with appointments, have slowed down, but people still need housing and deals are happening.
- In-person showings are limited, and may or may not be an option depending on the property. Luckily through technology, it is possible to keep doing the things that we were doing before.
- 3D video tours, video, virtual appointments, Facetime have emerged as the new ways of previewing properties.
- “I can’t see the home, but I want to make an offer.” If an in-person showing is not an option, the purchase process can still go on. Interested Buyers can still make offers. Once the Buyer and the Seller open escrow on a resale property, the contractual timelines, which include an inspection, begin. This is the time for the Buyer to do their due diligence and inspect the property either in-person and/or with a home inspector. If the property does not meet the Buyer’s expectations during this inspection time, the Buyer can then cancel the transaction.
- New construction homes sales are conducted by appointment or virtual showings.
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Many people are losing their jobs, are stressed, and don’t see how this could even be a subject for today. It doesn’t seem timely. There are Buyers and Sellers, however, who either want to or have to make real estate their priority, even in the time of turmoil. Some people simply need a place to live in. Others have to move. We all have different situations that we are dealing with. Real estate during this time isn’t for everyone, but for interested individuals, there are options for buying or selling while following social distancing guidelines.
NOTE: The stay at home order and the Covid-19 situation is constantly evolving. Guidelines may change.
Kinga Mills | 808-722-3985 | firstname.lastname@example.org
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