FAQ's to Home Buying and Selling During this Time of Uncertainty
With everything that’s happening right now, people have a lot of uncertainties and questions. Some of those questions are from homebuyers and sellers, as to how they can still push through buying a property or the sale of their properties. To give you some clarity and peace of mind, here are answers to some of your questions:
The Most Essential Question:
How will COVID-19 affect the property market?
Like in every industry, the property market will be hit hard by the effects of COVID-19. Property prices and demand are likely to decline in the coming months. But there will be no forced selling in the next few months, thanks to the government, banks, and the Reserve Bank’s measures. This will also help limit price declines.
For more news and updates about COVID-19, click here.
Questions of Sellers:
Can I still proceed with selling my home?
Yes, you can. The property market, especially agents, have found new methods to keep sales going despite the new restrictions. Online auctions, virtual home tours, and private inspections are now being done instead of the old ways. You can still sell your home through a private sale as well.
Should I wait for the virus to stop before I sell my property?
The answer to this question will depend on your reason for selling and your priorities. It’s best that you take stock of your needs and priorities and ask for advice from an agent.
How can buyers see my property?
There are various ways: virtual inspections or one-on-one open homes. This will depend on you and the buyer. Keep the regulations regarding physical interactions in mind, especially during an open home.
How do virtual or digital inspections work?
These inspections involve the use of videos, either professionally-made videos or phone video walk-throughs. It can also be done through a live stream for a more real-time view.
Will open homes increase chances of my family contracting COVD-19?
As long as all recommended measures such as social distancing and proper hygiene are observed, it is safe to proceed with one-on-one open homes.
There’s a ban on on-site and in-room auctions. What does it mean?
This means ‘in-person’ auctions are suspended because of social distancing rules. However, online auctions are still ongoing. Buyers can still bid online, in the safety of their own homes.
Can an agent still negotiate a private sale during COVID-19?
Yes, they can. They might not be able to physically, but thanks to technology, negotiations can still be done.
How can the spread of the virus be prevented during a private inspection?
Strict social distancing and hygiene procedures must be implemented during a private inspection, including:
- Refrain from shaking hands with open home visitors.
- Proper hand hygiene - regularly washing hands with soap and water or using alcohol-based hand sanitiser.
- Wash your hands before meals and after going to the bathroom.
- Wash your hands after each inspection.
- Refrain from touching your eyes, nose, and mouth.
- Cover your nose and mouth while sneezing or coughing. Dispose of used tissues immediately.
- As much as possible, avoid close contact with people with flu-like symptoms.
- If you’re unwell, see a health care professional.
Buying Questions:
Can I still inspect a prospective property?
Yes, you still can. You can see the property through virtual inspections - videos and walk-throughs of the home. If you want to visit the property in person, you can arrange a private inspection through the seller’s agent. Keep the social distancing and hygiene regulations in mind.
Is it wise to use a buyer’s agent?
In this time when house hunting is challenging, you might need the help of a buyer’s agent. They can shortlist homes you might want, based on your needs and budget. This way, you don’t need to go out in the streets as much, and someone handpicked properties for you. Be prepared to pay a fee, though.
Is it wise to buy a property I haven’t seen physically?
You can, but it’s not recommended. If you’re an investor who has experts’ advice regarding the property and has no plan in living in the property, it might be feasible. But if you’re planning to live in the property, it’s best that you see it with your own two eyes.
The whole world is undergoing a major crisis now, but let’s be hopeful that we will all come out of this stronger and wiser. In the meantime, let’s be careful, maintain proper hygiene and social distancing, and take care of ourselves and others. If you have any more concerns regarding any property-related matters, don’t hesitate to call or drop us a message. We’re all in this together.
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