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There was once a time, not too long ago, when potential homebuyers would get excited about their journey to finding a new home. Meeting with realtors, creating their new home wishlists, and touring various homes were some of the things they looked forward to the most. But due to the recent outbreaks of COVID-19, homebuyers are now canceling open houses, realtors are foregoing in-person walkthroughs, and the lending process is practically unbearable at this point.

Life as we once knew it has been completely impacted by the deadly virus. According to Business Insider, COVID-19 has affected over 46,000 people and ended the lives of 581 people in the United States. Everything from going out to eat to grocery shopping has been impacted, and that now includes the business of buying and selling homes.

The housing market has certainly been placed in a precarious state… COVID-19 doesn’t necessarily have to be an “end all” but how businesses respond to coronavirus disruption will play a significant role in how various industries will survive during these difficult times.

Homeowners who want to sell their homes are now facing the decision of if they should go through with renovations like hiring concrete driveway contractors and landscaping crews, just so their home will be ready to sell when COVID-19 clears. It’s a tough decision to make, simply because it’s been mandated that residents stay home and because of that, it’s caused people to not go through with a purchase.

Now, there are still some residents out there who indeed still want to go through with the purchase or sell of a home due to certain reasons or circumstances… despite the recent climate. Because of COVID-19, the entire home buying and selling process have been completely changed.

House Tours are Now Done Virtually

The biggest excitement of buying a home is the touring part but due to the climate the world is in, house tours are now being done virtually to prevent the spread of the virus. To be fair, the housing market has taken full advantage of virtual tours of homes for quite some time now but virtual tours were primarily there to give potential homebuyers a look at the home until they could actually see it in person. Now, virtual tours are the only way for homebuyers to look at a home’s interiors, depending on where you live.

There’s No Longer a Personal Touch

Buying a home is a major purchase and it can sometimes make potential homebuyers a little apprehensive about it… That’s when real estate agents come to the rescue. They know and understand that buying a home can be scary so a lot of times real estate agents will personalize their interactions with clients to make them feel at ease.

Everything from driving clients in their personal cars to treating them to lunch to discuss numbers has all been stopped to reduce the spread of the virus. For realtors that are still seeing potential homebuyers in person, they’re telling them to meet at the property and the showings are strictly private. Cans of Lysol, masks, and disinfectant wipes are now part of private tours, replacing the ever-popular refreshments of cookies and cucumber water.

Buyers and Sellers Can Easily Back Out of a Sale

When buying a house, typically, there is a window that buyers and sellers have to close or finalize their transactions. With the recent climate, there have now been clauses put in place that extend that window by as much as 30 days and it allows them to back out of a transaction if they’re affected by COVID-19.

In-Person Processes are Delayed

Obviously, there are parts of the home buying process that have to be done in person but the mandate to stay home to prevent the spread of the disease has made in-person meetings very difficult to follow through with. Everything from the recording of a title, appraisals, and the notarization of documents are now having to be done virtually. Things like eSignatures have been around for quite some time and have made it easy to obtain signatures virtually but things that require meeting in person are causing major delays in the overall home buying and selling process.

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