Whether you need to sell your house and move into a new home or if you’re interested in buying an investment property, the future of the real estate market is ready. Charlotte, North Carolina is home to more than 2.5 million people, and the metropolitan area continues to grow.
So, what does that mean for real estate? More importantly, what does that mean for homebuyers in a post-COVID-19 world and what can you do to prepare?
Open houses and showings will be different
Charlotte real estate agents are forced to think on their toes when it comes to showings and open houses. As a homeowner trying to sell, you can expect to see your agent walk through your home (wearing PPE, naturally) recording as they go.
A lot of open houses and showings are being done online and it’s even more important to make sure every corner of your home is sparkling clean. Since buyers cannot walk through themselves, they are trusting real estate agents to show them every inch, meaning closets will be looked at, basements will be a focus, and even under the cabinets and behind appliances are subject to scrutiny.
Mortgage rates are at an all-time low
If you’re thinking about buying a house, do so now because interest rates are at an all time low! The national average for a 30-year fixed rate mortgage is 3.125%. Homeowners who need to refinance or take out a home equity loan to make those repairs that you’ve been putting off, now’s the time to do it.
Buyers, you should get a pre-approval letter before even starting to look for houses because it’ll help your agent know exactly what you can afford and find houses that best meet your budget and what amenities you want in a house.
It’s true that this is still a seller’s market, but many buyers are hesitant to move forward with transactions because everything is still so uncertain. Sellers, you can ease buyer’s worries by being upfront and—honest. Provide appraisal and inspection documentation. Answer any questions a potential buyer has because the more confident they are about moving forward, the better it is for you and improves the likelihood of closing.
Stay up to date with current COVID-19 news
COVID rules for Charlotte have relaxed and have moved onto Phase 2, which means more businesses are opening at a limited capacity. PPE and social distancing orders are still in place, so you’ll want to be mindful of that. Whenever you are meeting with your agent, always make sure you have a facemask and sanitizer handy, not just for yourself, but for your agent too. It’s a nice gesture that shows you care about their well-being too.
Keep in touch with your real estate agent
Even if you’re concerned about leaving your home, you do want to keep in touch with your agent. They’ll be able to give you updates about the market, what precautions must be done from a real estate standpoint, as well as any changes in how business will be conducted, like if you’ll be able to sign closing documents virtually.
COVID-19 has shaken things up so significantly, it’s hard to say where we go from here. But, with that said life does go on and people will always need housing. It doesn’t matter if you’re a buyer, seller, or investor, by being proactive and prepared, navigating the real estate world post-COVID-19 will be a lot easier… Or at the very least a little less stressful!